Seeking Alpha
2020-12-01 23:27:14

Facebook-backed Libra currency group renames itself Diem ahead of potential January launch

The Libra Association - the splashy effort backed by Facebook (FB) to create a new digital currency - has rebranded itself. It's renamed itself to Diem, and Reuters says the libra currency is also now called Diem. The news follows reports in the Financial Times that the currency could roll out in a limited fashion as soon as January. That rollout would come as a single coin (backed one-for-one by the dollar), and with other currencies added to the backing basket later. And it also follows the earlier renaming of Facebook's digital wallet from Calibra to Novi. Novi told the FT that the currency is ready as a product, but its rollout will be partial for reasons including that it needs to get licenses in up to 10 U.S. states. Meanwhile, other backers of Diem including Uber (UBER) and Spotify (SPOT) say they'll wait to see how the public receives

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