LONDON: Facebook-backed cryptocurrency Libra has been rebranded “Diem” in a renewed effort to gain regulatory approval by stressing the project’s independence.
Tuesday’s name switch is part of a move to emphasise a simpler, revamped structure, Stuart Levey, CEO of the Geneva-based Diem Association behind the planned digital coin, said. Diem, which means “day” in Latin, now aims to initially launch a single dollar-backed digital coin, he added. Facebook, which changed the name of its payments unit Calibra to Novi Financial in May, remains one of 27 members of the Diem Association, formerly the Libra Association.“They are a critically important member of the association,” said Levey of Facebook’s continuing involvement.
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