June 2019 saw a proposal for Facebook’s much-awaited crypto Libra. As per the announcement, users can send Libra coins directly through Facebook Messenger and WhatsApp. The social media giant hopes to make Libra a widely accepted mode of payment.
Taking forward this aim, Libra formed an official board association Libra Association. The board members met in Geneva on Monday, 14th Oct 2019 to decide who will lead further. This meeting marks as a great milestone as executives of 20 different companies have pledged their support to Libra. After major companies like Paypal, Mastercard, etc. revoked their support, Libra was on the verge of becoming a dream only. However, companies like Uber Technologies, Spotify Technology, and Coinbase took it upon themselves to achieve Libra’s goal.
The main agenda of the meeting was to establish the basic governance of the new association. The group named five board members — including Xapo CEO Wences Casares, Andreessen Horowitz partner and blockchain lead Katie Haun, and Facebook executive David Marcus.
David Marcus tweeted exclaiming his gratefulness at being one of the board members of such an esteemed project.
“Though it is still in the early stages, we look forward to exploring the opportunity offered by the Libra Association to empower billions of people globally,” Spotify said in a statement.
In parallel, a banking company has sued Calibra, a branch of Libra. The lawsuit claims that Calibra’s logo design is similar to theirs.
From the day of its proposal, Libra is surrounded by controversies. US Government and other regulators feel that the crypto can be used for illegal purposes. Facebook CEO, Mark Zuckerberg will answer questions before the House Committee on Financial Services next week. Libra will be a central topic of discussion. Zuckerberg says that the team will not launch Libra until it meets the Government standards.
Libra Association consists of only 21 members. Now the association is tasked with rebuilding. It will be interesting to see Libra development in spite of these hurdles.