The Libra Association has changed the name of Facebook’s cryptocurrency project. The new name of this project is Diem. Libra has made this change to separate the project from Facebook-aligned roots.
Libra Association is the supporting group behind Facebook’s Libra cryptocurrency project. Besides the adaptation of the new name, Diem is recruiting new key executives. They have explained that the new name will denote a new journey for the project.
Diem association has promised to work on a safe, secure, and compliant payment system. It will empower people and businesses around the globe to invest in cryptocurrency.
When Facebook declared its cryptocurrency payment program, the name of cryptocurrency was Libra. And people can get that via Calibra wallet. Libra Association was the independent panel of financial experts that look upon this process.
After the Libra association started, some associates have pulled themselves out of this project. This list includes names like Visa, MasterCard, and PayPal. Without the support of major financial companies, Facebook’s options for the project were also limited. This motivated Facebook to create a new, fee-free way to transfer funds within the apps.
In May 2020, Facebook changes the name of the crypto wallet from Calibra to Novi. Everyone thought this project might go to fade, but they were wrong. And now, the Libra association is also re-branding and hiring new experts. According to them, all these changes will separate the project from the initial reservations. However, Facebook’s cryptocurrency has still the old name, Libra.
So, in a nutshell, the name of Facebook’s cryptocurrency is still Libra. The digital wallet which you use to keep your Libra is now called Novi. And the independent group managing this project is now called Diem. And the project is still on to provide you a simple, fee-free way to transfer funds within the Facebook app.
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