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