multiple currency collection. The newspaper also reported that the cryptocurrency will now be called Diem, which is Latin for "day". 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 being sold to the California based Silvergate Capital for a reported $200 million. Facebook was also reported to have planned to launch the token in the U.S. with it being issued by Silvergate although the Federal Reserve and the United States Department of the Treasury were not supportive of the project. Currency The plan for the Libra token was to be backed by financial assets such as a basket of currencies, and US Treasury securities in an attempt to avoid volatility. Facebook has announced that each of the partners will inject an initial 10 million, so Libra has full asset backing on the day it opens. As of January 2020, Libra is said to have dropped the idea of a mixed currency basket in favor of individual stablecoins pegged to individual currencies. Libra service partners, within the Libra Association, will create new Libra currency units based on demand. Libra currency units will be retired as they are redeemed for conventional currency. Initial reconciliation of transactions will be performed at each service partner, and the blockchain's distributed ledger will be used for reconciliation between service partners. The intent is to help prevent everyone but members of the Libra Association from trying to extract and analyze data from the distributed ledger. In contrast to cryptocurrencies such as bitcoin which use permissionless blockchains, Libra is not decentralized, relying on trust in the Libra Association as "a de facto central bank". In September 2019, Facebook announced that the reserve basket would be made up of: 50% United States dollar, 18% Euro, 14% Japanese yen, 11% Pound sterling and 7% Singapore dollar. Libra has considered using coins based on individual national currencies on the network, alongside the basket-based Libra token. This was first mooted publicly by David Marcus in October 2019, and by Mark Zuckerberg in his October 2019 Senate testimony. The idea was promoted again in March 2020. On April 16, 2020, Libra announced plans to create an infrastructure for multiple cryptocurrencies, the preponderance of which will be backed by individual fiat currencies, and said