Facebook Libra loses partners, but says it has hundreds of stakeholders | Business

Days after losing some of its most important members, Associação Libra held its first official meeting on Monday (15) in Geneva, Switzerland. The group, created to set the standards for Facebook’s cryptocurrency, says hundreds of other companies want to become partners.

Facebook Libra

In a note, the organization pointed to an enthusiasm created since its launch. “Associação Libra confirmed that more than 1,500 entities expressed interest in participating in the Libra project effort, and approximately 180 entities met the preliminary association criteria”.

To join the Libra Association, companies need to meet at least two of the following three requirements: have $ 1 billion in market value (or $ 500 million in customer balances), reach 20 million people a year and be among the 100 largest companies in its sector.

The rules are slightly different for cryptocurrency companies, non-profit organizations and academic institutions. With interest, Facebook should reach its goal of 100 partners before the launch of Libra, scheduled for 2020.

The supposed interest of other companies in Libra was the main announcement at the meeting, which did not present news about how the group will deal with the resistance of regulators. The association also revealed the five members of its board of directors.

One of them is David Marcus, head of Calibra, a Facebook subsidiary that will bring a digital cryptocurrency wallet to WhatsApp and Messenger. Between 2012 and 2014, the executive was president of PayPal, the first to leave Associação Libra.

“PayPal made the decision to renounce participation in the Libra Association at this time and continue to focus on advancing our existing business missions and priorities as we strive to democratize access to financial services for needy populations,” said the company The Bloomberg in early October.

Last week, the group also lost support from Visa, Mastercard, eBay, Stripe, Mercado Pago and Booking Holdings (from the same owner of the Kayak airline price comparison). In a note, Visa explicitly raised its concerns about regulatory issues.

“Visa decided not to join the Libra Association at the moment,” said the company. “We will continue to evaluate and our final decision will be determined by several factors, including the Association’s ability to fully meet all necessary regulatory expectations.”

With the meeting, Associação Libra made the participation of the following members official:

  • Payments: PayU (Naspers)
  • Technology and marketplace: Facebook / Calibra, Farfetch, Lyft, Spotify, Uber Technologies
  • 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 other organizations: Creative Destruction Lab, Kiva, Mercy Corps, Women’s World Banking

With information: TechCrunch, Ars Technica.

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