Facebook Announces Pre-Sale Discount Offer on its “Diem” Token for Early Investors
Facebook’s Diem Association (earlier known as Libra Association) has announced to start offering a pre-sale discount on its token named “Diem” for early investors. In its announcement, Diem said:
“You can participate in the birth of diem and be one of the first buyers. Buy diem Coins now with cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash.”
Diem Association started its journey back in June 2019 as Libra Association. The project initially wanted to offer a worldwide cryptocurrency. However, it has been scaled down significantly especially after the withdrawal of significant partnerships as well as objections from several political figures on the basis of the loose data privacy track record of Facebook.
Diem whitepaper states that Facebook’s cryptocurrency project is essentially a highly scalable payment system that strives to complement sovereign financial infrastructures for empowering billions. It says:
“Our objective is for the Libra payment system to integrate smoothly with local monetary and macroprudential policies and complement existing currencies by enabling new functionality, drastically reducing costs, and fostering financial inclusion.”
The Diem project has consciously tried to disassociate itself with Facebook. That’s why Diem’s whitepaper mentions Facebook only as a founder of the Diem Association Council. The Facebook word appears in the whitepaper only once. In fact, there is no special rights of Facebook over any other member of the Association Council. The other members of the council includes Spotify, Shopify, Lyft, Coinbase, Andreessen Horowitz, Anchorage, and Uber.
Initially, Diem was thought to be a token that is pegged to a basket of many different currencies. However, after the shift in the company’s strategy to its US-only approach has made it peg Diem token solely to the US Dollar.
Diem coin will run on Novi (earlier called Calibra), a Facebook wallet, and will help in transfer of money in a similar way as sending messages. Rumors say that Diem will be made available on Whatsapp, Facebook Messenger, and Facebook Marketplace. Experts believe that Diem project will be successful in utilizing the Facebook platform and, in turn, helping to bring cryptocurrencies to the masses.