Facebook’s digital currency project loses one of its founders
Kevin Weil joined Instagram in 2016, then spent the past three years at contribute to facebook digital currency project. As a reminder, Libra had encountered an unprecedented outcry from major international regulators, who viewed with a very negative view Facebook becoming a currency issuer.
Libra had since changed its name to Diem. The wallet service linked to it, Calibra, had also evolved: it is now called Novi. Kevin Weil notes that he still supports the project, despite difficulties :
« I still firmly believe in this mission. The digital wallet that we are building in Novi, combined with other interoperable Diem wallets built by small and large companies, can change the lives of billions of people. »
???? To read: The new Libra “Diem” is already facing possible legal action
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What becomes of the “Facebook corner”?
Despite statements of loyalty from the Libra co-founder, one cannot help but note that several frameworks of the digital currency project have now left the ship. Today, the head of strategy, marketing, finance and products have all moved on to greener pastures.
It must be said that the project now seems stuck, although it made the headlines throughout 2019. Facebook had to review its copy several times. Originally the token was supposed to be backed by a basket of currencies, but the giant is now focusing on the release of several stablecoins backed by single currencies, in order to cope with different regulatory environments on a case-by-case basis.
At the start of the year, we learned that Diem was awaiting approval from Swiss regulators in order to be offered to the public. There had also been talk of launching a US dollar (USD) backed stablecoin in January 2021, but so far this has not happened. Facebook however communicated on a launch in 2021. The date having been pushed back several times, nothing is however certain.
???? Also discover: Facebook’s Diem reaches 50 million transactions during its testnet
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About the Author : Marine Debelloir
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Intrigued by Bitcoin for several years, I developed a passion for cryptocurrencies and the innovative technologies that result from them. I like to unearth the crispest information to share it with you and help democratize this fascinating universe. But I don’t stop there! I also like to analyze projects related to cryptos and blockchains, which fascinate me just as much.
All articles by Marine Debelloir.
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