Facebook backed Libra association has announced in its latest press statement that it has effected a change of name to The Diem Association. In the news posted by various news outlets, the name change was done so the new association would be different from the first version of Libra, led by social media giants Facebook.
In the press release, the association claimed that the new change of name, “Diem,” which means “day,” was concluded on December 1 by members of the association. Even though the name change has been effected, the association still chose to stick with a rebranded design of the Libra logo.
Diem association makes changes to the previous Libra logo
The new logo now has the same three wave marks running from side to side like the Libra logo, uses the same purple and white background but with the diem in lower case, now replacing the Libra that used to adorn the logo.
“We are glad of the new transition to our new name, “Diem,” which stands for a new day for the project. Just like the way it was with the Libra Association, this new Diem Association will follow its vision and do more in terms of creating a secure and safe payment structure to empower individuals and entities across the globe,” the Diem Association said.
Also, the new group, which comprises about 27 members, has done an internal election to select the people at the helm of affairs of the association. Notably, the recently elected members will complement the previous executives appointed when the association was established.
Recent news published by a leading news outlet has revealed some members holding key positions in the association. According to the publication, the Chief Legal Officer office will be held by Steve Bunnell, while Dahlia Malkhi will be the association’s new Chief Technology Officer.
Diem hopes to tie various fiat currencies to new stablecoin in the future
According to another report, Kiran Raj will serve as both the executive vice president and the deputy general counsel of the association. Some of the other members that were appointed by the association before now include Stuart Levey, who will act as the CEO of the association, Chief Financial Officer of the association, Ian Jenkins, and Saumya Bhavsar, the General Counsel.
Before this appointment, Saumya previously held the position of managing director of Credit Suisse Group. In its first press release, the Diem Association announced that it would kickstart its new start ahead of the launch of its stablecoin that is scheduled to occur in the early stages of 2021.
In the report obtained, the launch plan was released by several close sources to the new association, where they revealed that the stablecoin would be tied to the dollar instead of various stablecoins. The association noted that it wanted to change the face of the new stablecoin since their previous intention to tie it to different fiat currencies was met with legal sanctions. With this, most of the project’s founding partners, including PayPal, MasterCard, and eBay, left the project. Also, Diem has announced its intention to tie the stablecoin to other fiat currencies in the future.
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