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And like other cryptocurrencies, Diem transactions will be recorded on a software ledger, known as blockchain, that confirms each transfer. You won't be able to get a physical note or coin. Like them, Diem will exist entirely in digital form. Let's start by addressing how it's similar to other cryptocurrencies, such as bitcoin and ether. How is Diem different from other cryptocurrencies? The association currently has 26 members. The other dropouts are Mercado Pago, the online payments platform of Argentina's Mercado Libre marketplace, and Booking Holdings, an online travel company that runs sites including Priceline, Kayak and OpenTable. The departures are big losses because those members brought expertise in payments and transfers technology. Those exiting included PayPal, eBay, Stripe and financial services giants Visa and Mastercard. Seven of the original 28 founding members - that's a quarter of them - dropped out before the association's inaugural meeting in Geneva. Some of the bigger founding members appear to have gotten cold feet. Why have association members dropped out? After the network is launched, Facebook says, the social network's role and responsibilities will be the same as those of any other founding member. That said, Facebook has played an outsized role in the initial phases of the project. Each member has the same vote in the association, so Facebook won't technically have any more say over the association's decisions than any other member. (Facebook's membership is through Novi.) The association hopes to grow to 100 members, most of which will pony up $10 million to get the project going. Facebook is one of the members of the Diem Association, the nonprofit that will serve as a de facto monetary authority for the currency. Will Facebook have direct control over Diem? Originally called Calibra, the wallet was redubbed Novi in May with a mission of "helping people around the world access affordable financial services." Analysts at RBC Capital Markets have said those services will likely include games and commerce. A new subsidiary will run a wallet for holding and using the digital currency. But Zuckerberg acknowledged that having people use cryptocurrency would likely benefit Facebook by making advertising on the social network more desirable and, therefore, more expensive.įacebook may also have other plans for the cryptocurrency. Diem is designed to make it easier and cheaper for people to transfer money online, which might also attract new users to the social network. Mark Zuckerberg, Facebook's CEO, has said that sending money online should be as simple as sending photos. The social network ran a virtual currency, called Credits, for about four years as a way to make payments on games played within Facebook. The association, which will serve as a monetary authority for the cryptocurrency, says its purpose is to "empower billions of people," citing 1.7 billion adults without bank accounts who could use the currency.īut Facebook has its own interest in digital cash that predates Diem. It's a project of the Diem Association, which Facebook originally co-founded as the Libra Association. This isn't actually Facebook's cryptocurrency. Nonetheless, Facebook has indicated it will press on with the project, whose ambitions have been curtailed over time. The group, which included Brian Schatz of Hawaii and Elizabeth Warren of Massachusetts, called on Zuckerberg to "immediately discontinue your Novi pilot." It also sought a commitment that Diem wouldn't come to market. The Novi launch prompted a new backlash, with a group of five Democratic senators urging Facebook CEO Mark Zuckerberg to stop the Diem project. Partners have bolted from the project, details have shifted and legislators have criticized the plans. Diem will be issued by California-based Silvergate Bank, which will also manage the Diem US dollar reserve.įormerly known as Libra, Diem hasn't gotten much love since the association publicly launched in mid-2019. Stablecoins are cryptocurrencies pegged to conventional assets, often a government-issued currency. The association also said it plans to launch a US stablecoin.
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The launch, which doesn't cover some parts of the US, including New York and Nevada, comes after the Facebook-backed Diem Association said in May that it would relocate its its main operations from Switzerland to the US and withdraw its application for a payment system license from the Swiss Financial Markets Authority.
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