Facebook-backed Libra welcomes Blockchain Capital as new member

facebook-backed-libra-welcomes-blockchain-capital-as-new-member

Facebook-backed Libra welcomes Blockchain Capital as new member

Libra gets another member as it strives to have 100 entities on board.

Facebook-backed Libra welcomes Blockchain Capital as new member

The Facebook-initiated Libra blockchain project continues to grow as its governing body has added a new major industry partner.

Blockchain Capital, one of the largest venture capital firms in the blockchain industry, has joined the Libra Association, according to an official Sept. 18 announcement.

Alongside the other 26 association participants, Blockchain Capital will now be working to create a “more equitable payment system” with Libra.

Bart Stephens, co-founder and managing partner at Blockchain Capital, said, “Leveraging blockchain technology to improve financial access and promote innovation has been at the core of Blockchain Capital’s portfolio strategy.” 

The Libra Association was formed in June 2018 after Facebook originally released a white paper for its stablecoin project, Libra. At the release, the association had a number of major global companies as founding members including Mastercard, PayPal, Visa, Stripe, eBay, Coinbase, Andreessen Horowitz and Uber. However, many initial members have left the association amid global regulatory pressure.

Libra has seen some revitalization this year, with the Libra Association adding more members like Checkout.​com and Shopify. However, with 30 members so far, Libra’s governing body is still far from its planned 100 members.

The Switzerland-based association has been also appointing top financial services experts as executives in 2020. On Sept. 17, the Libra Association appointed HSBC veteran James Emmett as managing director of its subsidiary firm, Libra Networks LLC. Previously, the association announced former HSBC chief legal officer Stuart Levey as its first CEO.

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