Just last week, Facebook Libra announced that the cryptocurrency with the same name will be released next year. Now, it looks like the Libra Association is changing the name to Diem. The change in name applies to both the association and the cryptocurrency itself.
In its statement, the Diem Association says that this name change signifies the reinforcing of its organisational independence. Which is probably another way of saying it wants to distance itself from the Facebook name.
And for good reason, if you’ve been paying attention to the social media giant’s reputation, a number of its major partners have withdrawn from the project. This includes big names in the finance world like Visa and Mastercard. The name Facebook also draws concern, especially on the privacy and security front. And then there’s the fact that France and Germany has decided to block them before they even launched.
In addition to its very recent name change to Diem , the wallet that holds the cryptocurrency has also seen a name change from Calibra to Novi. But we’ll have to wait and see the way it turns out as it launches early next year. The Diem Dollar, as it will be called, will be backed by the US Dollar.
(Source: Diem Association)