The Libra Cryptocurrency Rebrands As 'Diem'

Roughly a year and a half after Facebook Inc. FB announced it was creating a new digital currency, it has now rebranded that cryptocurrency as it continues to work toward regulatory approval.

What Happened? On Tuesday, the Libra Association announced it's changing its name to the Diem Association. Diem also announced the addition of several new executives to the project.

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Why It’s Important: In a press release, Diem CEO Stuart Levey said the project has been working closely with its consortium members, governments, regulators and other investors to prepare Diem for launch.

“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,” Levey said in a statement.

Facebook was leading a group of other companies in developing Libra, including partners Visa Inc V and Paypal Holdings Inc PYPL. The press release didn’t mention Facebook by name, which could suggest the rebranding was done to distance the project from Facebook.

Benzinga’s Take: The rebranding may be coming as part of a more aggressive push to launch Diem now that bitcoin prices are back near all-time highs. The Grayscale Bitcoin Trust GBTC is up 189.9% year-to-date.