On the 1st of December, the Libra Association announced a name change to ‘Diem’. The name change is a part of the rebranding process as the association restructures ahead of the 2021 launch of its dollar-backed stablecoin. The coin will initially only be dollar-backed, with other fiat currencies to be accommodated much later.
According to a CoinDesk report, the association has also appointed members to lead the team. The appointees include Dahlia Malkhi as chief technology officer and Steve Bunnell as the chief legal officer. Christy Clark will serve as the chief of staff and Kiran Raj would be the executive vice president for growth and innovation. Raj will also serve as the deputy general counsel.
Before now, the association had elected some executives. The executives are Stuart Levey as the CEO, James Emmett as the managing director, Sterling Daines as the chief compliance officer, Saumya Bhavsar as the general counsel, and Ian Jenkins as the chief financial officer.
The association currently consists of 27 member firms after some of its founding members departed. Some of Libra’s original members that left are eBay, Vodafone, MasterCard, and PayPal.
CEO Stuart Levey commented on the rebranding, he said:
“I think regulatory stakeholders really are welcoming a more autonomous association. They want to see an association strong enough to make its own decision, and have a leadership team that is capable of directing the project. It is in part for that reason we decided to change the name, to move from Libra to Diem, and that will be effective.”
