Though, Facebook has not yet announced the official start date of the Libra coin as they are still working on the regulations needed. Facebook would be an absolute bet to launch another cryptocurrency in the market. It has a wide ray of users across the globe and has experienced to safe keep personal information that follows the strict rule for governance.
Libra as a Stable Coin
The multi-billion social media company Facebook aims to launch its cryptocurrency called Libra. Strategically planned to make it as a stable coin. The new technology impedes to change to traditional banking and global financing. Treating this as a global currency and financial infrastructure that will run solely in Facebook-created version of blockchain.
This aims to mobilize Facebook even more as they will create its organizational independence. This is to use Libra as the mode of exchange along with Facebook users to do their business in the platform.
Libra Coin rebranded as Diem
Consensus showed struggles in building Libra coin as cryptocurrency. The company is likely to run into regulatory challenges and trying to put those troubles behind. With a much more research conducted in the market it was later rebranded as Diem. It is not Facebook's original plan, it is with Diem Association and backed by Facebook who also co-founded the Libra Association. This cryptocurrency is being reinforced by reserve of assets made up of cash or cash equivalents and government securities.
This intends to address payment security, and their main goal is to provide a safe and secure digital transaction in the blockchain. Diem is also a single currency coin that has a specific face value in one fiat currency.
Where to get Diem Coins
Diem is not yet available in the market but once regulatory compliance is completed, then you can buy Diem Coins through exchanges that list Diem Coins. This includes digital wallets, other financial exchanges, or applications that will be built on the Diem Blockchain. Diem coins are also working their digital reserve to preserve the token's value over time. Scaling cash or equivalent asset in cash amount at least equal to the face value of each Diem Coin in circulation.
