Facebook Libra Coin Changed Its Name to Diem

Facebook’s Libra cryptocurrency caused a stir when it was announced in 2019. The Libra Association was fundamentally supported by Facebook and was to become the company’s first digital currency. However, due to numerous regulations, the project had to be postponed several times. While many well-known partnerships were involved at the beginning, some of them have now distanced themselves. Today, the project is to be given a new structure and will continue to run under the name Diem Association.

Visa and eBay were initially among the biggest contributors. However, due to regulatory reasons, they gave up on the project. However, there are still many well-known investors on board who will be involved in the nearest future. Also, Coinbase is one of the more than 25 companies that promote the Diem Association.

Libra was originally intended as an internationally accessible digital currency that has to eliminate some transaction issues. It should be linked to various assets in order to create the most stable value possible and thus cope with strong price fluctuations. Now, however, several different stablecoins are to be created, which represent different national currencies such as euros and US dollars.

How to Invest in Diem: Key Things to Know

If you want to buy Diem, you have to be patient and follow the news. So far, the project is in development and its own cryptocurrency isn’t yet available. However, investors can invest in individual members of the Association, which are among the largest companies in their sectors. 

Since this is one of the largest projects in the field of cryptocurrencies, stablecoins should also be listed on the best exchanges. For example, Binance Altcoin Exchange is the largest trading platform for digital currencies and could list the new Diem token first.

Even if there are already numerous stablecoins, the Diem Association could still act as a pioneer in this area. So far, many of the existing projects aren’t considered safe and reliable ones. In addition, only the US dollar is usually available as a stablecoin, but not other national currencies such as euros or pounds sterling. Serious products could be created through Diem, which can also be used for central bank digital currencies (CBDC).

It’s necessary to note that the future of cryptocurrencies depends on regulation and general acceptance. Many projects, such as the Telegram token, were suspended and prohibited by law. However, through serious and reliable projects, development is significantly progressing. 

The rebranding of the Libra Association to the Diem Association gives the project a new opportunity after long struggles with disagreements. The team of developers, as well as the overall concept, make a good impression, and could contribute to future development. However, it’s still unclear when the first Diem stablecoins will be available.

What do you guys think about Diem coins? Feel free to share your opinion in the comments!

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