Facebook changed the name of the cryptocurrency

Facebook cryptocurrency name changed: Diem
The name of the crypto currency Libra, which is expected to be released in January by social media giant Facebook, has been changed to Diem. It is estimated that this change was made because the currency was prevented from being associated with Facebook.

In addition, the name of the Libra Foundation, which carried out this project with Facebook, was changed to Diem Foundation. The currency, which was first announced in June 2019, gathered an international reaction after the intense interest it received and security concerns emerged.

The cryptocurrency could be launched as a single dollar-backed coin as early as January 2021, according to the Financial Times. "The Diem project will provide a simple platform that will allow the development of FinTech innovation and with it to allow consumers and businesses to make instant, low cost, highly secure transactions," said Stuart Levey, CEO of the Diem Foundation.