Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Stable Coins Forum => Topic started by: Malam90 on February 21, 2021, 03:27:33 AM
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The rebranded Libra network aims to come out with an initial product around the end of this quarter, with help from Fireblocks and First Digital Assets.
Crypto custodian Fireblocks and payments platform First Digital Assets Group are providing connectivity and support to diem, the global stablecoin and payments system formerly known as libra.
Fireblocks and First are providing the digital plumbing to allow financial service providers such as banks, exchanges, payment service providers (PSPs) and eWallets to plug into Diem on day one, the companies said.
Facebook unveiled the libra project in 2019 and almost immediately became embroiled in a whirlwind of regulatory blowback and governmental outrage. The project’s ambitious goal to create a private global stablecoin backed by a basket of fiat currencies threatened to unseat the high echelons of sovereign monetary policy.
Now, the rebranded diem plans to emerge around the end of this quarter, with a modest minimum viable project based around a U.S. dollar stablecoin.
It will be integrated, via Fireblocks and First, with Diem Association members like Spotify, Farfetch, Lyft, Uber and Shopify. (It’s notable that former Libra Association members PayPal, Mastercard and Visa are busy pursuing their own plans with public cryptocurrencies.) Diem News source (https://www.coindesk.com/diem-stablecoin-prepares-for-liftoff-with-fireblocks-custody-partnership)
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The Libra / Diem project has already lost its stellar time to exit and, through its overemphasis, may soon emerge as an ordinary humble dollar-backed stablecoin project. There are a lot of similar projects and stablecoins now. The intrigue so far is what the relationship will be between Diem and Facebook. Indeed, including due to the alleged close cooperation, Zuckerberg faced these difficulties with regulators for many years.
In any case, it is better to see Diem in practice and only then discuss it.
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Big companies around the world such as Spotify, Farfetch, Lyft, Uber and Shopify really deserve to be collaborated with by LIBRA because this raises the name LIBRA itself in the cryptocurrency market.
But if LIBRA is only a stable coin then it is certain that it will be very difficult because of how big or how famous the company that works with LIBRA is then the result is still stable in price.
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Fireblocks and First Digital Assets can indeed make good, warm and pleasant news for all of DIEM's loyal followers but if it's only news then we can judge this DIEM is just a rumor.
These rumors are just a decoration for good or bad news for DIEM and they may or may not happen at all. But still guard DIEM forever because I believe DIEM has great potential in the cryptocurrency space.