In December 2020, Libra was rebranded as Diem , and Libra Association renamed Diem Association. As of December 2020, Diem Association has 27 members. In January 2022, it was reported that the Diem Association was winding down, with Diem’s assets to the California based Silvergate Capital for a reported $200 million.
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Libra will be managed by a Swiss-based nonprofit. It is currently backed by Facebook and more than two dozen Founding Member companies, including Ebay, Uber, Lyft, Spotify, Visa, Mastercard, PayPal, Coinbase and venture capital firm Andreessen Horowitz.
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