Libra Association Adds Blockchain Capital as a New Member
Blockchain Capital, based in San Francisco, has joined the Libra Association as a supporter of the consortium’s efforts to launch a stablecoin to the Facebook ecosystem.
After a exodus from its original members (including Visa, Mastercard and Vodafone), the venture capital has been made the 28th member in the Swiss non-profit organization.
Bart Stephens, cofounder and managing partner at Blockchain Capital said, “We are honored to join Libra Association and believe deeply the mission of creating an equitable payment system.” Blockchain Capital’s portfolio strategy .”
Blockchain Capital was founded in 2013 and has stakes in many blockchain and crypto companies including Coinbase and BitGo.
Blockchain Capital, a Libra Association member, brings industry insight and a dynamic community of supporters to our work on building a Blockchain-based payment system that supports responsible finance services innovation,” Dante Disparte (Vice-chairman, head of policy, communications and policy for the Libra Association) said.
Can the Original Members be Replaced?
Facebook announced its plans to launch Libra in June 2019, and created the non-profit entity that will manage the stablecoin. Many of its partners were forced to quit the consortium due to global regulatory backlash.
The Libra Association revised its whitepaper in the spring, changing the structure for the proposed cryptocurrency. However, this did not please regulators.
The organization is working to increase its industry presence. It has added companies such as Tagomi and Shopify as new members. Checkout.com and Temasek.
Finance Magnates reported recently on James Emmett’s appointment as managing director. It also increased its leadership by appointing Stuart Levey chief executive officer, Sterling Daines chief compliance officer and Stevan Bunnell chief legal officer.