The Libra Association, led by Facebook, has added venture capital firm Blockchain Capital to its ranks.
In a Sept. 18 blog post, the Geneva-based consortium revealed that Blockchain Capital will use blockchain technology to create a “more equitable payment system” with the association.
Additionally, Blockchain Capital will bring its expertise in the blockchain industry as well as its industry figures and entrepreneurs to Libra. Commenting on this new addition, the vice president of the Libra Association, Dante A. Disparte, postulated:
"As a member of the Libra Association, Blockchain Capital brings in-depth industry knowledge and a dynamic network of supporters as we work to build a blockchain-based payment system that supports responsible innovation in financial services."
Blockchain Capital was founded in 2013. The VC firm has investments in several cryptocurrency companies, including Ripple and Coinbase.
Facebook is determined to get Libra off the ground
Facebook has faced a strong backlash since revealing its crypto project last year. However, the company has not given up on its Libra ambition.
On Thursday, the Libra Association announced that it had hired the former CEO of international banking giant HSBC, James Emmett, as the new managing director of its subsidiary, Libra Networks LLC. According to the executive director of the Libra Association, Stuart Levey, Emmett owns "Deep experience and substantive operational experience than will help make the vision of Libra come true. "
Facebook presented its cryptocurrency project in June 2019. At that time, the social media giant published the white paper for its stablecoin called Libra, which would be backed by an asset reserve.
The Libra Association, which was entrusted with the unique role of overseeing the cryptocurrency project, was made up of renowned companies such as PayPal, Mastercard, Stripe, Visa, eBay, among others. However, most of these founding members have withdrawn from the association due to global regulatory bodies pursuing the crypto project.
However, Libra has not been affected by multi-member departures. Earlier this year, the association renewed its whitepaper in an attempt to appease regulators who believe that the Libra cryptocurrency poses a threat to the financial stability of their countries. Additionally, the association has been adding some notable members this year, including Checkout.com, crypto broker Tagomi, Heifer International, and Shopify.