The Libra Association, an independent membership organization focused on Facebook's Libra digital asset, has announced it decided to make a rebranding with a new name "Diem."
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The rebranded association will continue to pursue a mission of building a safe, secure and compliant payment system that empowers people and businesses around the world, an official press release says.
Stuart Levey, the Diem Association’s CEO, says the association will provide a simple platform for fintech innovation to thrive and enable consumers and businesses to conduct instantaneous, low-cost, highly secure transactions.
"We are committed to doing so in a way that promotes financial inclusion – expanding access to those who need it most, and simultaneously protecting the integrity of the financial system by deterring and detecting illicit conduct," Levey added.
Besides rebranding, the association hired Dahlia Malkhi as the Association’s 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.
It remains unknown what was the reason for the rebranding. However, this is not the first time Facebook decides deviate from its original plans.
In May 2020, the popular social network changed the name of its digital wallet from Calibra to Novi. The newly-rebranded wallet is managed by an independent subsidiary the Novi Financial. The name was inspired by the Latin words "novus" for "new" and "via" for "way", the company said.
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