Facebook’s Libra project confirms its governing council after several major companies withdraw

After some of its major backers including eBay, MasterCard, PayPal and Visa Inc. announced their withdrawals, 21 members of the Facebook-led Libra Association formally signed onto its charter and formalized the Libra Association council.

The project aimed at establishing Libra – the permissioned blockchain digital currency – has been intensely scrutinized since its announcement in June this year. 

An updated list of 21 members – down from 28 in June – will still be backing and governing Libra include Anchorage; Mercy Corps; Andreessen Horowitz; PayU; Bison Trails Co.; Ribbit Capital; Breakthrough Initiatives, L.P.; Spotify AB; Calibra, Inc.; Thrive Capital; Coinbase, Inc.; Uber Technologies, Inc.; Creative Destruction Lab; Union Square Ventures; Farfetch UK Limited; Vodafone; Iliad; Women’s World Banking; Kiva Microfunds; Xapo Holdings Limited; Lyft, Inc.

The board of directors of the Libra Council, who were confirmed today, include David Marcus from Calibra, Inc., Matthew Davie from Kiva Microfunds, Patrick Ellis from PayU, Wences Casares from Xapo Holdings Limited, and Katie Haun from Andreessen Horowitz. The initial staff members include Bertrand Perez as the chief operating officer and interim managing director, Dante Disparte as the head of policy and communications, and Kurt Hemecker as the head of business development. 

The Libra Association confirmed in a press release that more than 1,500 entities have shown their interest in being a part of the Libra project initiative, and around 180 of those entities have met the preliminary membership criteria shared at libra.org. 

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Pragya Sehgal
Pragya Sehgal
Can be contacted at psehgal@itwc.ca or 647.695.3494. Born and raised in the capital city of India - Delhi - bounded by the river Yamuna on the west, Pragya has climbed the Himalayas, and survived medical professional stream in high school without becoming a patient or a doctor. Pragya now makes her home in Canada with her husband - a digital/online marketing fanatic who also loves to prepare delicious meals for her. When she isn’t working or writing around tech, she’s probably watching art films on Netflix, or wondering whether she should cut her hair short or not.

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