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21 Libra Association Members Elect Board Of Directors

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The Libra Association, formed by major financial partners of Facebook's Libra cryptocurrency project, formalized the association at the inaugural Libra Council meeting of the members at its headquarters in Geneva, Switzerland.

The current 21 member organizations of the consortium formally signed onto the Libra Association charter, elected the Board of Directors, and appointed members of the Libra Association executive team.

The member organizations include Coinbase, Lyft, Vodafone, Spotify, PayU, Xapo, Anchorage, Kiva Microfunds, Andreessen Horowitz, Uber and Calibra, which is a Facebook subsidiary formed to run the Libra network, powered by blockchain technology.

The Libra Council also appointed a five member board of directors comprising of Matthew Davie of Kiva, Patrick Ellis of PayU, Katie Haun of Andreessen Horowitz, David Marcus of Calibra and Wences Casares of Xapo.

The board appointed Bertrand Perez as chief operating officer and interim managing director, Dante Disparte ad head of policy and communications as well as Kurt Hemecker as head of business development.

The Libra Association said more than 1,500 entities have evinced interest in joining the Libra project effort, and about 180 entities have met the preliminary membership criteria shared at libra.org.

The Libra Association was formed as an independent not-for-profit organization by the initial 28 financial backers of the Libra cryptocurrency project in June to oversee the cryptocurrency's creation and eventual consumer roll-out.

These 28 companies were to invest around $10 million each in the consortium to fund the development of the stablecoin. However, seven of the 28 initial members, including most of the payment firms, backtracked as they did not want to be publicly seen to be backing the project, fearing regulatory scrutiny.

The companies who withdrew support for the project include Visa, MasterCard, PayPal, Stripe, eBay, and Booking Holdings. PayU is the only payments firm left in the association.

The Libra project is raising many serious concerns regarding privacy, money laundering, consumer protection and financial stability. Apart from being subject to significant regulatory and political scrutiny in the U.S., France and Germany also have recently pledged to block Libra from operating in Europe.

The news about Facebook's planned cryptocurrency had come in early March. In May, there were also reports about the social media giant's plan to launch the cryptocurrency-based payments in many countries by the first quarter of 2020. Facebook then confirmed in June its plans to launch its cryptocurrency Libra in 2020.

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