Following numerous delays, internal changes, and rebranding, Facebook’s cryptocurrency project could be launched by the end of the year, CNBC reported. It will start small with a single stablecoin focusing on transactions between individual customers.
- Citing a person familiar with the matter, CNBC reported earlier today that The Diem Association plans to launch its long-anticipated stablecoin by the end of 2021.
- Upon releasing the product, the Switzerland-based company will focus on transactions for individual customers, including potentially purchasing goods.
- Nevertheless, the report asserted that there’s no official launch date yet.
- Previously, Diem’s Chief Economist, Christian Catalini, noted that the project was actively negotiating with regulators for a “phased approach” before the official launch. Catalini added that once they “see the green light, we will start experimenting with a small number of users and a small number of players.”
- Announced as Libra in 2019, the Facebook-backed stablecoin faced extreme scrutiny from watchdogs for its initial idea to serve as a “single global digital currency.”
- The tension escalated as numerous partners withdrew from the project. Some of those names included early supporters like MasterCard, Visa, Spotify, Uber, PayPal, and more.
- To cope or distance itself from the setbacks, the entire project received a complete makeover. Apart from changing the stablecoin name from Libra to Diem (meaning ‘day’ in Latin), the previously called Calibra wallet became Novi.
- Additionally, some reports claimed that the Novi team planned to build a wallet to hold numerous coins.