‘Banks and Financial Institutions’ are Likely to Become Libra Members

Facebook said it is "confident" that it will add 100 to its Libra Libra Libra is a yet-to-be-released cryptocurrency proposed by Facebook, Inc., that will aim to serve as a global payment system and a stable financial infrastructure that people across the world can use. The projected release date of the libra cryptocurrency is currently slated for 2020, while the project is currently being managed by the Libra Association.Headquartered from Geneva, Switzerland, the Libra Association main purpose is founded on three pillars.This includes the provision of a framework Libra is a yet-to-be-released cryptocurrency proposed by Facebook, Inc., that will aim to serve as a global payment system and a stable financial infrastructure that people across the world can use. The projected release date of the libra cryptocurrency is currently slated for 2020, while the project is currently being managed by the Libra Association.Headquartered from Geneva, Switzerland, the Libra Association main purpose is founded on three pillars.This includes the provision of a framework Read this Term Association before the launch of the Libra crypto coin, despite the exit of seven major partners from the association.

In an interview with CNBC, Bertrand Perez, chief operating officer (COO) and interim managing director of the Libra Association, revealed that companies including “banks and financial institutions” are interested in becoming a part of the Libra Association.

“There’s only one Visa, one Mastercard, I will not tell you that we have the equivalent, but I will tell you that we have reputable companies that are also very active in the financial and banking space,” Perez told CNBC.

Amid the official announcement of the project in June, Facebook partnered with 28 tech and Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term companies to provide support to its proposed crypto initiative. However, due to increased regulatory tension, PayPal became the first member to leave the group, followed by six other partners.

The executive, however, did not disclose any names of potential members of the Libra Association. The association recently revealed that 1,500 companies are interested in becoming a part of the project, of which only 180 met the requirements and standards of Facebook.

Earlier this year, the Japanese financial giant Monex Group applied to become a member of the Libra Association. However, the fate of the conglomerate is still under scrutiny.

Possible delay in the launch

Mentioning the concerns over the launch of Libra, Parez detailed that the set timeline of the first half of 2020 could be pushed further.

“With such a big project and the vision that we’re having, launching a few quarters later or before makes no real change,” he added.

Meanwhile, the Facebook-led association recently signed a formal charter with its 21 remaining members and formed a five-person board.

Mark Zuckerberg, founder and CEO of Facebook, is also scheduled to testify before the House in the US to clarify regulatory concerns over Libra.

“We are aware that we need to answer a lot of questions coming from the regulators and to make them comfortable with the platform and that requires time,” Perez said.