On the 1st December, the Libra Association published an official press release on their website announcing an evolution of their name to ‘Diem’, as well as a rejuvenated vision for greater organisation, strategy and leadership surrounding regulation as they progress to launch their new financial endeavour.
A project that was once perceived by much of the establishment as a coup d’état of the financial system, is now establishing itself as an ally for integration in the battle for financial digitisation.
Diem, meaning ‘carpe diem’ in Latin, signifies a new day for the project, an opportunity to re-establish its integrity and credentials as a genuine service of value and good for this market.
CEO of the Diem Association, Stuart Levey explained the payments concept:
“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.”
He followed on to say “we are excited to introduce Diem – a new name that signals the project’s growing maturity and independence.”
After the Associations impressive appointment of James Emmett as Managing Director back in September, we reported on the evolved vision of Diem to adhere to the existing regulatory framework. Their approach became centred around strengthening the education and experience of their team with a focus on hiring top-experts in regulation and legality.
In a summer recruitment spree, Diem attracted some of the best minds in their field filling roles such as Chief Legal Officer and Chief Compliance Officer and Managing Director from financial titans such as HSBC and Credit Suisse.
The Geneva-based company are said to be having “productive dialogue” with the Swiss Financial Market Supervisory Authority regarding their active application for a payments licence.
It was announced last week that the launch date for their dollar-pegged currency is roughly set for January 2021. In the release, Diem stated that their focus now is on “prioritizing technological and operational readiness for launch.”