The Libra Association has selected 180 candidates to replace seven former partners
The Facebook Cryptocurrency Project Association reported that 1,500 organizations have expressed their willingness to join it; 180 of them meet the selection criteria and can be appointed instead of seven partners who have refused to participate further in the last two weeks. It may also allow the project to attract 100 participants by the time of the official launch of the digital asset, as previously expected.
During the meeting, the Libra Board of Directors was confirmed: David Marcus from Facebook, Kathy Hawn from Andreessen Horowitz, Wences Casares from Xapo, Matthew Davy from Kiva Microsystems and Patrick Ellis from PayU. Bertrand Perez was approved as Chief Operating Officer and Interim Managing Director after performing his duties informally. He also served as Chairman of the Board of Directors.
"We don't tend to play pirate. If, for example, the European Central Bank continues to deny us the right to work in Europe, we will not do so, we respect the law," he said earlier.
Below 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's investment tokens, to another qualified organization with some restrictions.
Payments: PayU (Naspers' financial division);
Technologies 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;
Non-profit and academic institutions: Creative Destruction Lab, Kiva, Mercy Corps, Women's World Banking.
Withdrawn from the project: Visa, Mastercard, PayPal, Stripe, Booking Holdings, eBay, Mercado Pago.
At the end of the meeting, the Libra Association did not announce any changes in its strategy or other plans that could help it to dispel the regulators' doubts.
The organization intends to set the following requirements for its future 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 per year and be one of the top 100 companies in the industry. There are also separate criteria for cryptocurrency companies, non-profit and educational institutions.
In connection with the release of key partners, Markus said earlier: "I urge you not to predict the fate of Libra on this news. Of course, they are unfortunate in the short term, but changes of this level are not easy to bear.