Facebook set to launch cryptocurrency Libra despite criticism
The association says "an unnamed additional 180 entities have expressed interest and have met the initial requirements to join."
Facebook is in the final stages of introducing its digital currency Libra. The digital currency is based on blockchain, a technology which is expected to grow in the coming years. But this comes after a rollercoaster ride as various companies including Visa, Mastercard, and PayPal withdrew their support.
A non-profit organisation called The Libra Association will govern the currency officially. Although many organisations exited the program, there are 21 members that will be signing the charter in Geneva. These members mostly consist of venture capital firms, although Uber, Lyft, Spotify, and European telecommunications company Vodafone are also part of the 21 member team.
The association says "an unnamed additional 180 entities have expressed interest and have met the initial requirements to join." Facebook's CEO Mark Zuckerberg is to appear in front of the House Financial Services Committee to discuss Libra.
The committee is chaired by Rep. Maxine Waters, D-Calif. who has been a critic of Libra. Both Facebook and the non-profit organisation related to Libra have said that they won't be accepting any deposits until it gets approved by US regulators.
Facebook is in talks with regulators to have the cryptocurrency approved. The company has also hired several Washington lobbyists to assuage political concern over Libra.
The other three directors of the association board were Matthew Davie of Kiva Microfunds, Patrick Ellis with PayU and Wences Casares of Xapo Holdings Ltd. Libra is expected to launch in the middle of 2020. There have been concerns about Libra disturbing financial stability.