Libra Partners Yet to Commit Money
When Libra, Facebook’s crypto project, was unveiled in June of this year, it was billed as a collaborative effort between multiple entities — technology firms, fintech upstarts, venture capital funds, blockchain builders, and other companies in other groups.
However, sources have told the BBC that none of the founding partners have yet to come to agreements with Libra regarding financial contributions. It was written:
“Facebook said in June the founding partners would be expected to each inject $10m, but so far no agreement has been made, and the fee was not discussed at the Libra Association’s first general assembly last week, according to several sources.”
This may be a point of contention between regulators and Facebook itself, as members of the U.S. political scene have expressed concerns over the potential that the project will be centralized, with Facebook residing over the cryptocurrency’s backend.
However, this may not actually be the case.
Last week, the Libra Association ratified its charter. Those companies that signed it are as follows: Anchorage, Andreessen Horowitz, Bison Trails Co., Breakthrough Initiatives, Calibra (Facebook’s cryptocurrency subsidiary), Coinbase, Creative Destruction Lab, Farfetch UK, Iliad, Kiva Micorfunds, Lyft, Mercy Corps, PayU, Ribbit Capital, Spotify, Thrive Capital, Uber, Union Square Ventures, Vodafone, Women’s World Banking, and Xapo Holdings. Five executives from these firms were assigned to the Board of Directors. Read More...