Facebook-backed Libra Association renamed Diem

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David Marcus, Head of Calibra at Facebook, testifies about Facebook’s proposed digital currency called Libra, during a Senate Banking, House and Urban Affairs Committee hearing on Capitol Hill in Washington, DC, July 16, 2019.

Saul Loeb | AFP | Getty Images

Facebook-backed digital payment Libra Association said Tuesday it’s transitioning to the name “Diem.”

Diem is an independent group organized by Facebook to manage digital currencies. Other association members include Andreessen Horowitz, Lyft, Coinbase, Spotify, Lyft and Uber.

The currency’s name will also change from libra to Diem, according to Reuters.

After the libra digital currency debuted, the project quickly drew concern from policymakers around the world who worry it could heavily disrupt the financial system, risk potential money laundering and compete with fiat currencies such as the U.S. dollar. 

Diem said the new name, which is Latin for “day,” “signals the project’s growing maturity and independence,” as it seeks regulatory approval for its launch.

The Diem currency was designed to make it easier for people and businesses to securely send money across the world. Unlike bitcoin and other cryptocurrencies, which can be hugely volatile and speculative, Diem will be backed by government currency. That means some coins offered by the group would serve as the equivalent value of a U.S. dollar or a Euro, for example.

Facebook’s rebranded its digital wallet earlier this year to Novi from Calibra. Novi will let people send money to one another in an app or through Facebook Messenger and WhatsApp.

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