Facebook abandons Libra, rebrands to Diem in hopes of 2021 launch

After a failed attempt by Facebook to launch its digital asset, Libra, the social media giant is making a second attempt to enter the cryptocurrency space. To start with, Facebook has renamed its cryptocurrency “Diem” and hopes are high that the digital asset could receive the green light to launch in 2021.

According to David Marcus, the head of Facebook Financial, Diem along with Facebook’s related crypto wallet Novi may launch next year. While speaking at the Singapore Fintech Festival 2020 on December 8, he entreated that regulators should give Facebook the go-ahead to move forward with its digital asset. He can be quoted as saying:

I don’t think what we are asking for is just immediate trust. I think … what we’re asking for is at least to have the benefit of the doubt.

Meanwhile, Facebook’s woes may not be over. The newly created Diem cryptocurrency is already being threatened with a lawsuit over branding. Diem, a finance app is threatening to sue Facebook for using its name for its cryptocurrency. Founder and CEO of Diem, Geri Cupi, expressed his surprised, noting that Facebook could significantly impact its growth.