Facebook and Partners Embrace Libra Cryptocurrency After Multiple Exits

superadmin

October 15, 2019

Remaining twenty-one members to join the Libra Association officially. 

Facebook, along with its partners, is planning to introduce a new cryptocurrency named Libra in 2020. 

 

Facebook 

On its way to introduce a new cryptocurrency named Libra, Facebook has faced intense heat from regulatory scrutiny to an exit of key partners. 

On Monday, this social media superpower and its partners cleared their intent to introduce the new digital currency in 2020. 

Facebook, along with twenty one organizations who are supervising the cryptocurrency, has joined the Libra Association. 

 

Libra Association 

Since the giant social network revealed plans for Libra in June, seven out of twenty-one partner quit the project. This covers the payment companies such as Visa and Mastercard, PayPal, etc. 

Lawmakers fear that Libra might be misused for money laundering and other related crimes. On 23 Oct 2019, Facebook CEO Mark Zuckerberg is to testify it before the US House Committee on Financial Services. To store Libra, Facebook is also creating a digital wallet named Calibra. 

During a meeting in Geneva, Switzerland, some of the partners such as Uber, Spotify and capital firm Andreessen have declared to join the association officially. The council has appointed a board of directors that includes PayU general counsel Patrick Ellis, Calibra co-founder David Marcus, Andreessen Horowitz general partner Katie Haun and Xapo CEO Wences Cesares.


The Libra Association said that around 1,500 entities have shown interest to join the Libra project.