After receiving immense backlash from regulators across the globe, social media giant, Facebook, decided to delay the release of the Libra project. The project had previously assured to meet the regulatory requirements put forth by the regulators and the latest news suggests that the platform is at it.
Libra Association On-Boards Latest Member
The social media giant seems to be back on track with its Libra project as the Libra Association has been rolling out an array of updates pertaining to the project. On Friday, the Association welcomed Blockchain Capital, a San Fransisco-based venture capital company. The platform was rolled out back in 2013 and co-founder, Bart Stephens elaborated on his view about the company’s association with the Libra project. He added,
“We’re honored to join the Libra Association and believe deeply in the mission of creating a more equitable payment system. Leveraging blockchain technology to improve financial access and promote innovation has been at the core of Blockchain Capital’s portfolio strategy.”
After severe regulatory opposition from the SEC last year, several members of the Libra Association bid adieu to the project. Prominent platforms like, PayPal, Mastercard, Visa, Stripe, and several others exited the project. However, everything seems to be falling in place for the Association as it recently on-boarded, Temasek, an investment firm in Singapore, and Slow Ventures along with Paradigm.
Furthermore, just this week the Association hired, James Emmett a former HSBC Exec as the Managing Director of Libra Networks. This list goes on as the platform recruited several to spearhead the operations at Libra.
Dante Disparte, the Vice Chairman and head of policy and communications at the Libra Association was pleased with the latest alliance as he stated,
“As a member of the Libra Association, Blockchain Capital brings deep industry insight and a dynamic network of supporters as we work on building a blockchain-based payment system that supports responsible financial services innovation.”
Even though the Association released the updated version of the Libra white paper, the European Union recently asserted that the European Central Bank [ECB] was the only entity authorized to issue currencies. The French Finance Minister part of the meeting specifically mentioned the Libra project in his statement.