Originally announced as "Libra" in June 2019, the project was a high-profile initiative by Facebook (now Meta) to create a permissioned blockchain and a global digital currency. Governed by the independent Diem Association (formerly Libra Association) in Geneva, Switzerland, the project aimed to provide a stable digital currency backed by a reserve of assets. Due to intense and sustained regulatory scrutiny from governments and central banks worldwide over concerns about financial stability and monetary sovereignty, the project was significantly scaled back and rebranded to "Diem" in December 2020. Despite these changes, it failed to secure the necessary regulatory approvals to launch. In January 2022, the Diem Association officially announced it was winding down and selling its intellectual property and other assets to Silvergate Capital Corporation, marking the end of the project.

Founded in

Switzerland