The Libra Association has rebranded to the Diem Association.
The Libra Association was set up by Facebook to start developing a cryptocurrency.
Its crypto wallet will now be called Novi instead of Callibra.
Instead of launching one global stablecoin as planned, the organisation will look to develop several stablecoins linked to fiat currencies.
What does this mean?
The project was announced last year and since then has seen some significant comings and goings. Visa, Stripe and Vodafone are out while Temasek is in. It’s thought the change in name is to distance the project from Facebook so it’s seen as a more separate entity.