Facebook-Backed Crypto Project Diem Moves to US, Unveils New Launch Plan
Facebook-backed cryptocurrency project Diem, formerly Libra, is moving from Switzerland to the U.S. In collaboration with Silvergate Bank, the association, which oversees the development of the diem cryptocurrency, has unveiled a new launch plan. Facebook-Backed Stablecoin Has New Launch Plan The Diem Association announced Wednesday a partnership between Diem Networks U.S. and Silvergate Capital Corporation (NYSE: SI). Silvergate is a California state-chartered bank and a member of the Federal Reserve. Diem Networks U.S. is a wholly-owned subsidiary of the association. It plans to register....
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The cryptocurrency proposed by social media giant Facebook is gearing up to launch using a “phased approach,” its co-creator explains. The Diem Association, which oversees the crypto’s development, has been in talks with regulators to obtain a license. Diem Updates Launch Plan The Facebook-backed cryptocurrency “diem,” formerly called libra, is taking a “phased approach” to launch, co-creator and chief economist of Diem, Christian Catalini, told CNBC in an interview published on Tuesday. The Switzerland-based nonprofit Diem Association, which....
The social media giant has rebranded in hopes of scoring regulatory approval. Global regulators should grant Facebook-backed cryptocurrency Diem “the benefit of the doubt” to greenlight its launch in 2021, a top executive at Facebook Financial said.David Marcus, the head of Facebook Financial, or F2, said that both cryptocurrency Diem and related crypto wallet Novi could be launched next year. Speaking at the Singapore Fintech Festival 2020 on Dec. 8, he stated that regulators should finally let Facebook move forward with its cryptocurrency:“I don’t think what we are asking for is just....
An anonymous source has told reporters that the first Diem pilot will focus on transactions between individual consumers. Facebook-backed digital currency project Diem could yet launch its first stablecoin in 2021 as a small-scale pilot, according to an anonymous source. Cited in a CNBC report published on April 20, the source claimed that the Switzerland-based nonprofit The Diem Association is still intending to launch its pilot for a United States dollar-backed stablecoin later this year. Back in Nov. 2020, the association had already announced its plans for a limited launch of a....
Rumors circulated last week that Facebook’s parent company and its partners are looking to exit its troubled cryptocurrency project. Well, it turns out the grapevines were correct. Mark Zuckberberg’s cryptocurrency Diem will not see the light of day. Diem, a cryptocurrency backed by Meta, is shutting down after a series of rebrands, public hearings, and […]
Facebook’s plan to rebrand its stablecoin project from Libra to Diem has been met with legal threats from a small European start-up of the same name. Facebook has been hit with threats of legal action over its plan to rebrand the Libra stablecoin project to ‘Diem’ from a finance application of the same name.Facebook announced its plan to rebrand Libra on Dec. 1, with the firm claiming the new name would help the revamped project distance itself from the intense regulatory pushback faced by Libra when it was announced last year.Diem co-founder and prominent European fintech investor, Chris....