Facebook sealed its deal with the remaining Libra Association members by signing an official agreement on Monday.
Reported by Bloomberg, the formal charter to form the association is still an unbinding one and allows the members to leave anytime. However, it outlined their efforts to commit to the proposed digital currency project.
“Today marks an important step in our journey,” Calibra, the division of Facebook overlooking its crypto initiative, stated. “It is time for change and we are committed to seeing this through.”
The formation of the association gave all its existing members a single vote in important governance-related decisions. In addition, it also formed a five-person board including David Marcus, the head of the Calibra, along with representatives from Kiva Microfunds, PayU, Xapo Holdings, and Andreessen Horowitz.
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The latest development comes after the social media company-led project saw the exit of seven of its original members last week. PayPal became the first member to leave the crypto project due to concerns of attracting negative regulatory scrutiny, followed by the exodus of six other members. The companies include big names like Visa, Mastercard, eBay, and Stripe.
Huge interest among private players
The social media giant also detailed that despite the departure of its key members, 1500 organizations are in-line to join the Libra Association, out of which only 180 companies qualify to its standard.
“Since the Libra project was announced on June 18th, 2019, it has generated excitement around the world. the Libra Association confirmed that over 1,500 entities have indicated interest in joining the Libra project effort, and approximately 180 entities have met the preliminary membership criteria shared at Libra.org,” the Libra Association stated.
Though scheduled for launch in mid-2020, the crypto project is facing massive regulatory setbacks. Facebook’s founder and CEO, Mark Zuckerberg, is going to testify before the House Financial Services Committee (HFSC) next week, clearing the lawmakers’ concerns over the crypto project.