by Rushali 
Diem, the global stable coin and payments system formerly known as libra is getting support from the Crypto custodian Fireblocks and payments platform First Digital Assets Group.
Fireblocks and First are enabling digital plumbing which will allow financial service providers like exchanges, banks, e-wallets, and payment service providers to plug into Diem on day one.
In 2019, Facebook has launched the libra project but got stuck into governmental and regulatory issues. The project’s aim was to create a private global stable coin backed by a basket of fiat currencies. Now the revamped Diem will try to emerge at the end of this quarter and will be based around the U.S dollar stable coin.
Its members include Spotify, Farfetch, Lyft, Uber, and Shopify.
This new project has been developed according to the regulators and will follow a strict permission basis with a specific onboarding process to become a virtual asset service provider.
Michael Shaulov, CEO of Fireblocks, has said in an interview that what they made for Diem will allow the merchants to use the diem stable coin as a payment mode.
He further added that Diem will also have features like refunds, and the stable coin can be easily changed back into fiat to pay merchants or salaries, and so on.
He also believes that this kind of project will certainly bring crypto into the mainstream.
