Facebook’s Diem coin offers pre-sale discounts for early investors as the platform announced earlier today which we read more about in our latest altcoin news.
The announcement read:
“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.”
First announced as Libra in 2019, the project’s initial plans for the worldwide cryptocurrency was since scaled back dramatically which was because of a few bumps on the road including the withdrawal of the partnerships and the plating at hands of several political figures that raised objections based on Facebook’s terrible data privacy track record. The pre-sale indicates the project is much closer to launching but considering Facebook’s reputation, will Diem fail before it even starts?
It is rare that a consensus surrounding a project that came from both authorities and the crypto community is quite negative. Facebook’s Diem coin achieved this feat ever since its existence became public knowledge a few years ago. As per the Diem whitepaper, the project is a highly scalable payment system that will complement the sovereign financial infrastructure to empower billions. The whitepaper read:
“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.”
Diem went to great lengths to dissociate itself from Facebook and the whitepaper mentioned Facebook only once and that incapacity of being the founder of the Association Council. This is stated with a huge emphasis on Facebook having no rights over any other members of the Association Council with members like Coinbse, Lyft, Shopify, Andreessen Horowitz, and UBer. A month ago, the Diem Association announced a shift in strategy to focus in the US which means that a new company had to be formed- Diem Networks US as well as other partnerships with Silvergate Capital Corp that will issue the Diem USD stablecoin token.
Diem was pitched as a token pegged to a basket of different currencies but with the shift towards the US came to a new plan to peg the token to the US dollar. It will run on the Facebook app wallet NOVI which rebranded from Calibra and enabled money transfers in a similar fashion to see a message. Rumors are that this will make a way to Whatsapp and FB Messenger.