(Hypebot) — Facebook led and Spotify back cryptocurrency Libra has rebranded as the Diem Association as it prepares for launch.
CAA, Union Square Ventures, who invested in Sofar Sounds, and Andreessen Horowitz, an investor in Genius and UnitedMasters, as well as, Uber, Lyft, Shopify, and Checkout.com are all investors.
Sometime in January, the association is expected to launch a single coin backed one-for-one by the dollar with other currencies and options rolled out over time.
In addition to facilitating low-fee payments around the world, observers see promise in micro-payments – a very low fee artist tip jar, for example, and concert ticketers could also take advantage of the permissionless and open-source nature of Diem.
“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,” says Stuart Levey, CEO of the Diem Association. “We are 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. We are excited to introduce Diem – a new name that signals the project’s growing maturity and independence.”