The Diem Association is moving towards launch and now has a new technical upgrade that gives more financial institutions access to the payment network. Formerly the Libra Association, the Diem Association seems to be ready to onboard new clients. The clients, however, must be qualified as a Virtual Asset Service Provider (VASP). According to the Financial Action Task Force, a business is considered a VASP, provided it offers services such as the transfer, exchange, or safekeeping of virtual assets.
On the 16th of February, crypto security specialist Fireblocks and First Digital Asset Group announced a jointly-created secure wallet and infrastructure that makes transactions on the Diem network easier for financial institutions.
The CEOs of both companies commented on the new partnership. According to Fireblock’s CEO, Michael Shaulov, the collaboration is aimed to “accelerate the adoption of Diem payments.” Also, the partnership will ensure that any qualified business can connect to the Diem network.
“As custodians, wallets, exchanges, PSPs, and other VASPs prepare for the Diem network, we’re excited to be working with Fireblocks to deliver everything a VSAP needs, from risk to on/off-chain communications, and liquidation.”
Although there’s no official statement on Diem’’s launch date, the network is expected to go live later in 2021. The association currently awaits approval from the Swiss Financial Market Supervisory Organization.
Image Credits: Pixabay
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