Facebook will launch Diem in association with its digital currency project group Diem Association. Talking about Diem, Facebook is reported to have launched this cryptocurrency in two sets. Transfer fees on money transfers through Diem will be significantly lower.
The term ‘cryptocurrency’ is creating huge waves in the business world especially after the arrival of the COVID-19 pandemic. The worldwide spread of viruses and Artificial Intelligence created digital transformation, which increased the use of eCommerce transactions among consumers and business leaders. Bitcoin, Dogecoin, and Ethereum are ruling the cryptocurrency market over the other digital currencies. The Silicon Valley giant, Facebook, plans to start its first-ever digital currency project, Diem in 2021.
Facebook will launch its cryptocurrency this year and will be named Diem. In the year 2019, Facebook had intended to launch this cryptocurrency under the name Libra but now its name has changed. Through Diem, Facebook wants to revolutionize the fintech space and the company says that transferring money from this cryptocurrency will be as easy as sending photos.
The announcement by Facebook comes at a time when the price of bitcoin is continuously coming down. Bitcoin prices have suffered a setback since Tesla owner Elon Musk announced that he would stop buying Tesla cars through bitcoin at the moment. Musk gave the reason behind the decision that bitcoin mining consumes a lot of energy, which is not good for the environment.
Talk about Diem to be launched in two sets, Facebook is reported to launch this cryptocurrency in two sets. One of these will be a multi-currency coin and the other set will have a specific face value in dollars and euros. Transfer fees on money transfers through Diem will be very low, which will attract a large number of people to this currency. Facebook will launch Diem in association with its digital currency project group Diem Association.
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