The rebranded Libra network, Diem prepares to launch a new product with the help of Fireblocks and First digital Assets as per the new partnership announcement so let’s read more in our latest Libra news.
Crypto custodian Fireblocks and First Digital Asset Group will provide connectivity and support for Diem which has become the global stablecoin and payments system that was known as Libra first. Fireblocks and First Digital Asset Group will allow financial service providers like Banks, payment service providers, and exchanges to plug into Diem on the first day as the companies said. Facebook unveiled Libra back in 2019 and instantly hit the bullseye of controversies and blowback from governments. The goal was to create a private global stablecoin that will be backed by fiat currencies and this posed a threat for the sovereign monetary policies.
Diem prepares to launch a new product that will be integrated with Fireblocks and First as well as with members of the association like Spotify, Lyft, Uber, Shopify, and Farfetch. The streamlined project bent to the will of the regulators and now operates on a strict permissioned basis that has a specific onboarding process in order to become a virtual asset service provider. Michael Shaulov who is the CEO of Fireblocks said:
“What Fireblocks and First have built allows merchants and payment service providers to use the diem stablecoin as a payment method in a way that’s really integrated. It’s more or less seamless, like how they would accept Visa, Mastercard or any other form of payment.”
The diem payments system allows things like refunds so the stabelcoin will be changed back into fiat to pay merchants or salaries as Shaulov said. Looking further down the road, the network includes a sophisticated smart contract language dubbed Move which will be used in areas like DeFi. Shaulov thinks that Diem will be one of the fundamental projects that will bring crypto into the mainstream despite taking a while to get off the ground and to garner criticism because of the product:
“Think about the impact PayPal is having on bitcoin by bringing it to 350 million users. Facebook has 2.5 billion users. And they know how to get user experience right. They know how to make things simple, how to engage users.”
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