Diem

From CryptoMarketsWiki
Jump to: navigation, search
Diem
Diem logo.png
Headquarters Washington, District of Columbia
Key People Stuart Levey, CEO of Diem; Dahlia Malkhi, Chief Technology Officer; David Marcus, Co-creator of Libra, Head of Novi
Products Retail payments
Twitter @diemassociation/
Facebook DiemAssociation/
Website Diem Homepage
Releases Company News
Blog Blog

Diem is the name of the Facebook sponsored retail payments system that originally was named Libra.

Missing its planned launch in 2020, the Libra project announced on December 1, 2020 that it had changed its name to Diem, "which," the project said, "denotes a new day for the project." (Diem is the accusative singular case for the Latin word for day. For perhaps obvious reasons, the troubled project did not choose the nominative singular, dies, which in Latin is pronounced "dee es.") The project said that it had strengthened its technology management with the naming of an executive committee for Diem Networks, "a critical step for Diem to operate with appropriate autonomy," according to Diem's CEO, Stuart Levey. Diem was continuing to pursue a license in Switzerland as it concentrated on becoming operationally ready for launch.[1]

By May 12, 2021, Diem had given up on its ambitions in Switzerland and said that it would focus on the U.S. In its announcement of the shift the Diem project said that it is partnering with Silvergate Bank, a federally chartered California bank, which would be the sole issuer of Diem's U.S. dollar stablecoin. The announcement indicated that the Diem Association would move its main operations to the United States and that it was withdrawing its application to Swiss Financial Market Supervisory Authority (or FINMA), Switzerland's financial markets regulator.[2]

References