Facebook-Backed Libra Association Changes Its Name to Diem
- ‘We wanted a new start’ after global controversy, CEO says
- The association is waiting for a license from Swiss regulators
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Libra Association, a cryptocurrency project started by Facebook Inc. that drew regulatory blowback worldwide, is hoping a new name offers a fresh chance to win over regulators and gain a foothold in the emerging market.
The group will now be known as Diem Association, named for the word “day” in Latin, with its subsidiary Diem Networks serving as the payment system operator. It’s readying a currency that will be called the Diem Dollar.