Libra’s New Council Comes to Light in Switzerland Meeting

Libra, the controversial Facebook stablecoin project that has been making waves since its intended release, recently announced its 21 founding members during a meeting that took place in Geneva, Switzerland, on the 14th.

Date: 
October 18, 2019
Read time: 
2 mintues

Libra’s New Council Comes to Light in Switzerland Meeting

Author: Dylan B
Date: 
October 18, 2019
Read time: 
2 mintues

Libra, the controversial Facebook stablecoin project that has been making waves since its intended release, recently announced its 21 founding members during a meeting that took place in Geneva, Switzerland, on the 14th.

Libra, the controversial Facebook stablecoin project that has been making waves since its intended release, recently announced its 21 founding members during a meeting that took place in Geneva, Switzerland, on the 14th.

Though it is still in the early stages, we look forward to exploring the opportunity offered by the Libra Association to empower billions of people globally, especially in financially underserved markets. (Spotify)

The meeting came shortly after news that many of the 28 initial companies would be pulling their support from the project. PayPal was the first to leave, with Stripe, eBay, Mastercard, Visa and Mercado Pago pulling out of the group on the Friday prior to the meeting. Booking, which is the company behind major websites such as Booking.com and Kayak, pulled their support on the day of the meeting, taking away many of the high-profile members that would’ve helped the system to operate.

That didn’t stop many other companies from stating their intentions and signing onto the Libra Association charter, however. In fact, the full list of companies who are still maintaining their support for the project include: 

  • Xapo
  • PayU
  • Coinbase
  • Spotify 
  • Uber
  • Lyft
  • Thrive Capital
  • Ribbit Capital
  • Kiva Microfunds
  • Iliad
  • Anchorage
  • Mercy Corps
  • Vodafone
  • Bison Trails
  • Women’s World Banking
  • Calibra
  • Union Square Ventures
  • Farfetch
  • Andreesen Horowitz
  • Creative Destruction Lab
  • Breakthrough Initiatives
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Out of these 21 companies, the board of directors will be formed by representatives from Xapo, PayU, Kiva Microfunds, and Andreesen Horowitz, along with David Marcus, who is the leader of the project for Facebook. David Marcus was highly-impressed with the council meeting, tweeting out: 

“Awesome day today at our inaugural Libra Association member council! It was energizing to see reps from many different industries, and interests come together with one mission at heart, improve access and lower costs to digital money and financial services for everyone.”

Despite having such a large volume of impressive supporters, however, the issue lies in Facebook’s description of how this association would act. Rather than simply supporting the community, each of these members would be running their own node to help keep the network stable and functional. This announcement on Facebook’s part, along with the overall centralized design, sparked the regulatory concerns and pushback against the project. Many are concerned that Facebook’s consistent data privacy issues would become an issue in the Libra project as well. 

That said, many of the organizations have given their full support of the project. In fact, Spotify issues this statement regarding their participation in the project: 

“Though it is still in the early stages, we look forward to exploring the opportunity offered by the Libra Association to empower billions of people globally, especially in financially underserved markets.”

Women’s World Banking also acknowledged the advantages of the opportunity, saying that it: 

“...deems this as an important business initiative, if done right, to provide greater opportunity for low-income women to receive greater access to formal financial services.”

While there is no telling where the Libra project will go, Mark Zuckerberg will be approaching the House Financial Services Committee to defend the project next week. 

Posted by Dylan B

Dylan Buckley is a writer based in California. He became interested in cryptocurrency upon discovering it in 2014 and soon started investing as well as writing for a wide variety of clients and crypto-startups in the space. When he is not producing content for individuals and businesses, he is typically working on his own self-development content or making music.

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