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Definition: Diem

Officially the Diem Payment System, Diem was a blockchain-based digital currency and payment network that was in development by Meta Platforms (Facebook). Announced in 2019 and originally known as Libra, early partners eBay, MasterCard and Visa dropped out. Novi (originally Calibra) is the Diem wallet app.

Diem was designed to support stablecoins linked to a basket of currencies. Because Diem was developed by Meta, the system would have been available to nearly three billion Facebook users. As a result, Diem was very controversial and raised concerns worldwide. In 2022, Meta dropped the Diem project and sold its assets to Silvergate Capital Corporation. See crypto glossary.