A name change was made for Libra, a Facebook-backed cryptocurrency. Libra’s new name was announced as Diem.
Name change for Libra: Diem
A new change has come for the crypto currency Libra, which Facebook could not clarify. This time, a new step was taken by changing the name of Libra.
Stuart Levey, CEO of Diem Association, one of the names behind Facebook’s Libra project, stated that this name change emphasizes a simple and renewed structure. Diem, whose Latin equivalent is ‘day’, will be backed by dollars.
Facebook, on the other hand, will continue to be a member of the former name Libra, renamed Diem Association, which consists of 27 members.
Levey says Facebook is one of the most critical members of the association and they are not trying to break their ties in any way. He also states that they are trying to emphasize more than the association operates autonomously and independently.