Last year the Libra Association rebranded itself Diem, using the Latin for day to signify a new day. Facebook rebranded its own wallet Novi, also Latin for new, though it was previously called Calibra. Digital wallets are online programs that let users store electric forms of currency, be they a cryptocurrency or bank deposit. Diem also staffed up, hiring a director, Stuart Levey, who is a former treasury undersecretary for terrorism and financial intelligence under Presidents George W. Bush and Barack Obama. It changed its headquarters from Switzerland to the United States this year. Facebook’s Marcus is currently a Diem board member, along with the Silicon Valley venture capitol firm Andreessen Horowitz and other fintech companies. Uber, Coinbase and Shopify are members of the association. Facebook is an investor in the project, but not the largest.
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