Final 12 months the Libra Affiliation rebranded itself Diem, utilizing the Latin for day to suggest a brand new day. Fb rebranded its personal pockets Novi, additionally Latin for brand spanking new, although it was beforehand referred to as Calibra. Digital wallets are on-line applications that allow customers retailer electrical types of foreign money, be they a cryptocurrency or financial institution deposit. Diem additionally staffed up, hiring a director, Stuart Levey, who’s a former treasury undersecretary for terrorism and monetary intelligence underneath Presidents George W. Bush and Barack Obama. It modified its headquarters from Switzerland to the USA this 12 months. Fb’s Marcus is presently a Diem board member, together with the Silicon Valley enterprise capitol agency Andreessen Horowitz and different fintech corporations. Uber, Coinbase and Shopify are members of the affiliation. Fb is an investor within the undertaking, however not the biggest.