Facebook’s Cryptocurrency Project Introduced Board Of Directors And The First Libra Association Lineup

The Facebook crypto project team introduced a document that includes the Libra Association moving to a formal management structure. According to the publication, the charter of the Libra association was signed by 21 companies. The Libra Association also elected a board of directors and appointed members of the executive team.

The signing of the document took place during a meeting of members of the association. Full list of members of the Libra Association:

Recall, 28 companies entered the Libra Association initially. Subsequently, some refused to support the Facebook crypto project. Among them were: Visa, MasterCard, Stripe, Ebay, Mercado Pago, PayPal, and Booking Holdings.

According to US Secretary of the Treasury Steve Mnuchin, the decision of several companies to withdraw from the association could be a result of the low level of readiness of the crypto project and its inconsistency with the standards set by regulators.

Libra realized that they are not ready, that they are not up to par, says @stevenmnuchin1 about Facebook’s plan to start a cryptocurrency. “I assume some of the partners got concerned and dropped out until they meet those standards.” pic.twitter.com/hrtR41LaSJ

— Squawk Box (@SquawkCNBC) October 14, 2019

According to the Libra Association, since the announcement of the project on June 18, 2019, representatives of 1,500 companies have shown interest in the association. 180 of them meet the requirements of accession.

Members of the Libra Association are the organizations responsible for managing the project. The Board of Directors includes Matthew Davie (Kiva Microfunds); Patrick Ellis (PayU); Katie Haun (Andreessen Horowitz); David Marcus (Calibra, Inc.) and Wences Casares (Xapo Holdings Limited).

The publication says that the current members of the association will build the foundation to attract a new wave of members of the Libra Association. The rules for participation in the association are presented in the following document. One of the paragraphs states that “each member may leave the association for any reason.”

Recall that in 8 days, Mark Zuckerberg will appear before the US Congress to answer questions from the regulator regarding his crypto project.

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