Altcoin News: Libra Association Selected 180 Candidates to Replace Seven Exiting Partners
October 15, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
The Facebook cryptocurrency project association said 1,500 organizations have expressed a willingness to join; 180 of them satisfy the selection criteria and can be appointed instead of seven partners who refused to participate in the past two weeks.
About this writes Techcrunch with reference to a statement made following the first official meeting of the Libra Association, held on Monday in Geneva. It may also allow the project to attract 100 members to its ranks by the time the digital asset is officially launched, as previously assumed.
During the meeting, the board of directors of the Libra Association was approved: David Marcus of Facebook, Katie Hown of Andreessen Horowitz, Wences Casares of Xapo, Matthew Davie of Kiva Microfunds and Patrick Ellis of PayU. Bertrand Perez was approved as the operational director and interim managing director after he performed the relevant duties informally. He took the place of chairman of the board of directors.
“We have no vocation to play the pirates,” he told news outlet Revyuh last month, noting “if, for example, the European Central Bank still refuses us the right to operate in Europe, we will not do it, we do not intend to play the pirates, we respect the legislation.”
The following is a list of members of the Libra Association. They agreed that they could withdraw for any reason and transfer membership along with a $10 million stake in Libra investment tokens to another qualified organization with some restrictions.
- Payments: PayU (Naspers’ fintech arm)
- Technology and marketplaces: Facebook/Calibra, Farfetch, Lyft, Spotify AB, Uber Technologies, Inc.
- Telecommunications: Iliad, Vodafone Group
- Blockchain: Anchorage, Bison Trails, Coinbase, Inc., Xapo Holdings Limited
- Venture Capital: Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures
- Nonprofit and multilateral organizations, and academic institutions: Creative Destruction Lab, Kiva, Mercy Corps, Women’s World Banking
- No Longer Members: Visa, Mastercard, PayPal, Stripe, Booking Holdings, eBay, Mercado Pago
Following the meeting, the Libra Association did not announce any changes in its strategy or other plans that could help it dispel the doubts of regulators.
The organization intends to present the following requirements to its future potential members, two of which must be met: to have a capitalization of more than $1 billion or $500 million in client assets, serve 20 million people a year and be one of the hundred leading companies in their industry. There are also separate criteria for cryptocurrency companies, non-profit and educational institutions.
In connection with the release of key partners, Marcus said earlier :
“I would caution against reading the fate of Libra into this update. Of course, it’s not great news in the short term, but in a way it’s liberating. Stay tuned for more very soon. Change of this magnitude is hard. You know you’re on to something when so much pressure builds up.”
