Facebook’s Libra digital currency is slowly taking shape after it experienced what a few people consider a setback, when a few of the initially announced members decided to leave the Libra Association. Now, the Association is moving forward as an executive board has been formalized, along with 21 organizations.
After a meeting which took place in Geneva, Switzerland, the board which consists of five people, was formed. It includes Andreessen Horowitz partner Katie Haun, Kiva Chief Strategy Officer Matthew Davie, PayU General Counsel Patrick Ellis, Xapo CEO Wences Cesares, as well as Calibra CEO David Marcus. Other executive roles in the Association will be handled by Dante Disparte, Kurt Hemecker and Bertrand Perez, all of whom are ex-PayPal.
A few months ago when Libra was first announced, 28 members were also mentioned as part of the Libra Association, its governing body. The announcement also said that the company hopes that the Association will increase to 100 members before Libra eventually launches. However over the past few weeks, PayPal, Visa, MasterCard, eBay, Booking Holdings, Mercado Pago and Stripe, all announced their departure from the Association. Some of these withdrawals were sparked by regulatory problems being faced by the project.
The Libra Association said that at least 1,500 different companies have indicated their interest in officially joining the association and among that number at least 180 meet the requirements. However at this point, at least two-thirds of the current 21-member board, has to authorize.
The current members of the Libra Association now include Vodafone, Uber, Farfetch, Lyft, Mercy Corps, Kiva, Andreessen Horowitz, Coinbase, Xapo, Bison Trails, Creative Destruction Lab, Thrive Capital, Illiad, PayU, Women’s World Banking, Spotify, Breakthrough Initiatives, Union Square Ventures, Ribbit Capital, Anchorage and Calibra.
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