- The Libra Association changed its name to “Diem”.
- Before the stablecoin launch in early 2021, the organization added several new experts to its employees.
- “The association is currently in active and productive dialogue with FINMA.”
The Libra Association, a member organization of Facebook’s Libra Initiativeannounced that it has changed its name to “Diem” and has recruited several world-class experts “on the way to regulatory approval for launch,” said a press release shared with Decrypt today.
“With the transition to the name ‘Diem’ marking a new day for the project, the Diem Association will continue to pursue the mission of building a secure and compliant payments system that empowers people and businesses around the world,” said the announcement.
According to the publication, the Diem Association is currently focused on “making sure the project meets regulatory expectations”. As part of this effort, the association hired several high-profile experts, including Dahlia Malkhi as Chief Technology Officer, Christy Clark as Chief of Staff, Steve Bunnell as Chief Legal Officer, and Kiran Raj as Executive Vice President for Growth and Innovation, and Deputy General Counsel.
“This is an outstanding group of executives, and having the Diem Networks Executive Committee alongside existing executives and colleagues is a critical step for Diem to operate with reasonable autonomy,” said Stuart Levey, CEO of the Diem Association.
In September the club appointed James Emmett, former managing director of the investment bank HSBC Europe, as CEO and managing director. Likewise, Sterling Daines, former managing director and global head of compliance in the area of financial crime at Credit Suisse, joined the organization in June.
The association also stressed that it will only proceed once it has received official approval, “including a license for payment systems for the association’s operating subsidiary from FINMA”.
“The Diem project will provide an easy platform for fintech innovation to enable consumers and businesses to conduct instant, low-cost, and highly secure transactions,” added Levey.
As Decrypt According to reports, Libra, the digital currency project launched by Facebook, has voted for a “limited publication“early next year.
While payment giant PayPal – one of the original members who later jumped off the Libra ship – recently launched its crypto buy and sell serviceThe Libra – now Diem – continues to focus on its stablecoin project.