Libra project, the proposed multi-currency stable coin unveiled last year by the 27 founding members of the association rebranding to Diem. According to the Financial Times, Diem is a single currency stablecoin, instead of Libra’s proposed vision to be pegged to multiple currencies. The new strategy could be a good start and repositioned to meet regulatory demands.
Recall that Libra, when unveiled last June, faces a lot of regulatory hurdles. Hence, the rebranded Dem is seeking to approach regulators and governance differently. They started by announcing new team members and ensuring the project complied with regulations.
Previously announced members include CEO Stuart Levey, Managing Director James Emmett, Chief Compliance Officer Sterling Daines, Chief Financial Officer Ian Jenkins, and General Counsel Saumya Bhavsar. Newly hired are Dahlia Malkhi as chief technology officer, Christy Clark as chief of staff, Steve Bunnell as chief legal officer, and Kiran Raj as executive vice president for growth and innovation and deputy general counsel.
Levey says the project is almost ready as the technical requirements are met. He emphasized that while waiting for the Swiss Financial Market Supervisory Authority (FINMA) to issue a license, developers are testing and iterating the design.
The project is said to adopt blockchain because it offers open-source and improved governance solutions. According to Levey,
“We think that there are technological and governance advantages from having a blockchain. It permits innovation and collaboration in the open source space that we think adds real potential to the overall project, it adds collaboration and innovation and frankly one of the things I love about it is there’ll be use cases developed and innovations that we at the Diem, Libra Association would never have thought of ourselves”
Furthermore, Diem will still meet up with the libra project’s initial vision, save that it is stepping down to single currency instead.