Libra was a global, digitally native, reserve-backed cryptocurrency built on the foundation of blockchain technology. The unit of currency was called Libra. The aim was to make Libra as widely accepted and as easy to use as possible to create a currency that people can use with confidence and convenience in their everyday lives. On December 1st, 2020, the Libra Association announced the adoption of a new name and the recruitment of key executives, reinforcing its organizational independence. Now transitioning to the name “Diem”, which denotes a new day for the project, the Diem Association will continue to pursue a mission of building a safe, secure and compliant payment system that empowers people and businesses around the world. The Diem Association is an independent membership organization, headquartered in Geneva, Switzerland and it is governed by the Diem Association Council, which is comprised of one representative per Association Member. The list of members of the Diem Association includes Lyft, Uber, Spotify, Shopify, PayU, Farfetch, Coinbase and many more. Stuart Levey, the Diem Association’s CEO said "The Diem project will provide a simple platform for fintech innovation to thrive and enable consumers and businesses to conduct instantaneous, low-cost, highly secure transactions" adding that the Association is committed to doing so "in a way that promotes financial inclusion – expanding access to those who need it most, and simultaneously protecting the integrity of the financial system by deterring and detecting illicit conduct."
