Amid legal battle with the US authorities, the Libra Association has now rebranded itself into Diem Association. The name may wipe out the doubts and misconceptions about the Facebook-led crypto project.
Derived from Latin Word
It was last year when the social giant Facebook decided to launch its crypto project known as Libra. But after the launch, it faced many difficulties due to the harsh attitude of the US government. Many founding members of the Libra Association left it in a fear of the project’s failure due to regulatory chaos around it.
The new name Diem has taken from the Latin language known as “carpe diem.” According to Diem Association’s press release:
“Now transitioning to the name ‘Diem’, which denotes a new day for the project, the Diem Association will continue to pursue a mission of building a safe, secure and compliant payment system that empowers people and businesses around the world.”
As reported in the last week that the Libra Association would launch a stablecoin pegged by the US dollar by the start of the new year. In the start, it planned to roll out a stablecoin backed by a basket of fiat currencies but now, it is launching only the US dollar-pegged stablecoin. “We are excited to introduce Diem — a new name that signals the project’s growing maturity and independence,” said Stuart Levey, CEO of Diem Association.
It rebrands itself into a new name because the Association became a target of regulators and faced a harsh reaction. In order to remove the difficult history of the Libra Association, it has decided to take a fresh name.
“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,” Levey said. What’s more, it has made sure by changing the name that it is “operating autonomously and independently.”
The Association is also trying to create an image that it is now working independently rather than operating under the social giant Facebook. The project faced a harsh wave of the legal fight due to its link with Facebook.
The chief executive further reiterates that it will compliant itself to all rules and regulations necessary to stop anti-money laundering activities and other terrorism financing actions. All in all, it will strive to create an entity that can become a favorite entity of regulatory institutions in terms of compliance.