List of 28 Founding Members of Facebook Libra Cryptocurrency

List of 28 Founding Members of Facebook Libra Cryptocurrency

Facebook’s Libra cryptocurrency was announced a few days ago and since then it has become the trending issues in the crypto sphere.

Everyone is trying to know what this new evolve currency stands to gain as crypto and how is it going to be operated.

Some wondered what Facebook would rely on external firms and existing cryptocurrency exchanges in managing the new currency.

But according to Facebook, the cryptocurrency will be governed by the Libra Association (a purpose-built, independent non-profit headquartered in Geneva, Switzerland).

As of now, the Libra Association has 28 co-founders, comprising of MasterCard, PayPal, Visa, Lyft, Vodafone Group, Andreessen Horowitz, eBay, Spotify, Uber, and of course, Facebook.

The association will promote the open-sourced Libra Blockchain backed by a reserve of assets (Libra Reserve) with its own programming language.

This will help businesses to accept “Libra” for payment and even give customers discounts or rewards.

Libra won’t be fully controlled by Facebook.

When it’s up and running, the association hopes it will give billions of people access to financial services without necessarily pass through a bank account.

While Facebook played a key role in developing Libra Blockchain and the Libra Association, the final decision-making authority rests with the association as a whole.

Each founding member will have the same commitments, privileges and financial obligations.

The company plans to launch its own Calibra wallet in the Facebook Messenger, WhatsApp and a standalone app in 2020.

In its first months, the Libra Association plans to recruit more members and solicit feedback from regulators and policymakers.

In total, it hopes to work with more than 100 members and to make Libra Blockchain open to everyone consumers, developers and businesses alike.

While the association itself is non-profit, David Marcus, Head of Calibra, told Engadget that for-profit businesses will be able to build services on top of the network.

Facebook’s role in Libra will undoubtedly help it gain momentum, but there’s a good chance it will also attract scrutiny, as people question if a Facebook-backed crypto-exchange can keep sensitive information private and secure.

Below the full list of current Libra Association founding members