Facebook’s Libra Association decided to see the ‘Day’ with its new name

Sustaining regulatory backlash worldwide, the Libra Association, which handles Facebook’s cryptocurrency project, has elected to change its title to Diem Association in a bid to strengthen its organizational freedom.

The Diem Association (Diem, which means ‘day’ in Latin) will have its subsidiary called Diem Networks to work as the payment system operator.

Performing their label switch, the company announced its goal is to create a safe, secure, and compliant payment system.

The firm announced in a statement late on Tuesday,

“The Diem Association will continue to pursue a mission of building a safe, secure and compliant payment system that empowers people and businesses around the world,”

The move begins when the Libra Association is set to launch a single coin supported by one dollar as early as January, the media reported last week.

The Libra Association would launch other currencies and a “digital composite” of all of its coins later on.

Stuart Levey, the Diem Association’s CEO, stated that,

“The Diem project will provide a simple platform for fintech innovation to thrive and enable consumers and businesses to conduct instantaneous, low-cost, highly secure transactions.”

As part of the attempt to obtain regulatory approval and advancement approaching launch, Diem has contracted professionals to help lead the Association and Diem Networks. This subsidiary is the regulated payment system operator.

This involves 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.

Facebook and 20 partner organizations formally joined the digital currency project during a Geneva meeting in October last year.

In a move to win regulators’ hearts, The association in April announced that its cryptocurrency would offer stable coins backed by just one nation’s currency, meaning some coins offered would serve as the equivalent value of a dollar or a Euro.

Numerous heavyweights pulled out of the Libra project, like PayPal, Mastercard, Visa, Mercado Pago, eBay, Stripe and Booking Holdings, and Vodafone, over privacy matters last year.