The Libra Affiliation, a consortium created by Fb to assist its Libra cryptocurrency efforts, announced this morning that it has a brand new identify — the Diem Association — and made some key hires forward of its launch.
That is simply the newest course correction for the reason that Libra undertaking was announced last year. In an try to appease monetary regulators around the globe, the affiliation shifted its strategy away from creating a world stablecoin and can as a substitute launch a number of stablecoins, every tied to a special fiat forex (such because the U.S. greenback and the euro).
The undertaking has additionally seen some high-profile departures, with introduced companions like Visa and Stripe leaving the undertaking. And Fb has rebranded its cryptocurrency wallet, changing the name from Calibra to Novi.
In a press release, Diem Affiliation CEO Stuart Levey more-or-less acknowledged that the brand new identify is an try to distance the group from Fb, and from its earlier controversies.
“The Diem undertaking will present a easy platform for fintech innovation to thrive and allow shoppers and companies to conduct instantaneous, low-cost, extremely safe transactions,” Levey mentioned. “We’re dedicated to doing so in a approach that promotes monetary inclusion – increasing entry to those that want it most, and concurrently defending the integrity of the monetary system by deterring and detecting illicit conduct. We’re excited to introduce Diem – a brand new identify that indicators the undertaking’s rising maturity and independence.”
As for the brand new hires, they embody Chief Expertise Officer Dahlia Malkhi, Chief of Employees Christy Clark, Chief Authorized Officer Steve Bunnell and Government Vice President for Progress and Innovation/Deputy Common Counsel Kiran Raj. Diem Networks, the subsidiary that may truly function the Diem fee system, has additionally employed James Emmett as managing director, Sterling Daines as chief compliance officer, Ian Jenkins as chief monetary and threat officer and Saumya Bhavsar as normal counsel.
Whereas right now’s announcement doesn’t embody any specifics about timing, it suggests the affiliation is positioning itself for an imminent launch — albeit one that may “proceed solely upon receiving regulatory approval, together with a fee techniques license for the operational subsidiary of the Affiliation from FINMA.”
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