In what can be viewed as a strategic play, the Libra crypto project has rebranded to Diem
According to the project’s head, the rebrand will help demonstrate its independence from Facebook. The project updated its users of the change through an announcement on its website yesterday.
Diem Association also features a renewed mission and new executives.
“We are excited to introduce Diem — a new name that signals the project’s growing maturity and independence. The Diem project will provide a simple platform for FinTech innovation to thrive and enable consumers and businesses to conduct instantaneous, low-cost and highly secure transactions”, Diem Association’s CEO Stuart Levey explained.
The latest members to be brought on board are Kiran Raj who will be VP for Growth and Innovation, Christy Clark the new Chief of Staff, Dahlia Malkhi who will serve as the Chief Technology Officer and Steve Bunnell as the Chief Legal Officer.
Libra was launched in June 2019 but failed to get a positive reception. Many regulators in the sector viewed the project negatively as it received heavy criticism because of Facebook’s direct involvement. Financial authorities and even Congress members had raised questions about the project’s integrity.
“The original name was tied to an early iteration of the project that received a difficult reception from regulators. We have dramatically changed that proposition”, remarked Levey.
On the bright side, the project plausibly galvanised central banks into developing digital currency projects. Diem hopes to shake off the regulatory troubles it has previously been caught in with the rebranding move.
This is not the first time the project has been rebranded. It has had several different trademarks and brands in the past. Before its launch in June 2019, the project was called Globalcoin. It was also known as Facebook Coin for some time. Early this year, Facebook also reinvented its Calibra wallet as Novi.
The new name won’t necessarily clear Libra of the troubles it had, but it will likely help the project become a success. Before rebranding, Libra revealed plans to introduce a digital currency next year.