Facebook sealed its deal with remaining Libra Association members by signing an official agreement on Monday.
Reported by Bloomberg, the formal charter to form the association is still an unbinding one and allows the members to leave anytime. However, it outlined their efforts to commit to the proposed digital currency project.
“Today marks an important step in our journey,” Calibra, the division of Facebook overlooking its crypto initiative, stated. “It is time for change and we are committed to seeing this through.”
The formation of the association gave all its existing members a single vote in importance governance-related decision making. In addition, it also formed a five-person board including David Marcus, the head of the Calibra, along with representatives from Kiva Microfunds, PayU, Xapo Holdings, and Andreessen Horowitz.
This came amid the social media company-led project saw an exit of 7 of its original members last week. to leave the crypto project due to concerns of attracting negative regulatory scrutiny followed by the . The parted companies include big names like Visa, Mastercard, eBay, and Stripe.
Huge interest among private players
The social media giant also detailed that despite the departure of its key members, 1500 organizations are in-line to join the Libra Association, out of which only 180 companies qualify to its standard.
“Since the Libra project was announced on June 18th, 2019, it has generated excitement around the world. the Libra Association confirmed that over 1,500 entities have indicated interest in joining the Libra project effort, and approximately 180 entities have met the preliminary membership criteria shared at Libra.org,” the Libra Association stated.
Though scheduled for launch in mid-2020, the crypto project is facing massive regulatory setbacks. Facebook’s founder and CEO before the House Financial Services Committee (HFSC) next week, clearing the lawmakers’ concerns over the crypto project.
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