The Libra Association announced the name change to Diem Association in a press release. As noted by Cointelegraph, the association hopes the restructuring will help the newly named Diem Association break away from the original Libra vision, led by Facebook Inc (NASDAQ: FB).
Libra goes to Diem Association
On December 1, the association announced a rebranding to Diem, the Latin word for day. The Diem Association announcement says:
"Now moving on to the 'Diem' name, which marks a new day for the project, the Diem Association will continue to pursue its mission to create a secure, reliable and compliant payment system that empowers people and businesses around the world."
The association also introduced a new Diem logo. The purple Diem logo with diem lettering in lower case has the same features as the original Libra logo.
In addition, a 27-member group has elected new members to lead the Diem Association. The newly elected members are in addition to the other leaders already appointed.
According to a report from CoinDesk, new leaders include Dahlia Malhi as CTO and Steve Bannell as chief attorney. In addition, Christy Clarke has been appointed Chief of Staff and Kiran Raj will serve as Deputy General Counsel. Raj has also been named executive vice president.
Diem has previously selected some of its members for various positions. Leaders include Stuart Levy as CEO of the association, Ian Jenkins as CFO, James Emmett as Managing Director and Saumya Bhavsar as General Counsel. Bhavsar was previously Managing Director, Head of International Regulation at Credit Suisse Group.
Diem Association CEO commented on the name change. He said: "We love that this is a new word in the project. We wanted to start all over again."
Diem Association plans to issue coins in 2021
The association is planning a “fresh start” ahead of the launch of its one dollar stablecoin in 2021. Three familiar sources revealed the launch plan, according to a Financial Times report. The association originally planned to peg the stablecoin to multiple fiat currencies.
The new plan to bolster the coin with the 1: 1 US dollar came after the original plan was subject to legal criticism both inside and outside the US. Rigorous regulatory scrutiny has resulted in the departure of some of the project's founders. Some of the original members who left the initiative are PayPal Holdings Inc (NASDAQ: PYPL), MasterCard Inc (NYSE: MA), eBay Inc (NASDAQ: EBAY), and Vodafone Group Plc (NASDAQ: VOD).
In addition, the association hopes to add more fiat currencies to support the coin in the future. The Libra Association originally planned to bring back stablecoin with a basket of fiat currencies such as the pound, Singapore dollar, yen, and US dollar.