San Francisco-based Blockchain Capital has become the latest member of the Libra Association to support the consortium’s attempt to launch a stablecoin for the Facebook ecosystem.
The venture capital has become the 28th member of the Swiss non-profit organisation after it saw an exodus of its original members, including PayPal, Visa, Mastercard, and Vodafone.
“We’re honored to join the Libra Association and believe deeply in the mission of creating a more equitable payment system,” Bart Stephens, co-founder and managing partner of Blockchain Capital, said. “Leveraging blockchain technology to improve financial access and promote innovation has been at the core of Blockchain Capital’s portfolio strategy.”
Established in 2013, Blockchain Capital has stakes in major blockchain and crypto companies, including Coinbase, BitGo, Bitwise, Circle, and Ripple.
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“As a member of the Libra Association, Blockchain Capital brings deep industry insight and a dynamic network of supporters as we work on building a blockchain-based payment system that supports responsible financial services innovation,” Dante Disparte, vice-chairman and head of policy and communications for the Libra Association, added.
Can the Original Members Be Replaced?
Facebook revealed its plan to launch Libra in June 2019 and formed the non-profit entity to govern the stablecoin. However, global regulatory backlash forced many of its partners to leave the consortium.
The Libra Association updated its whitepaper earlier this year, changing the structure of the proposed cryptocurrency, but that too failed to appease the regulators.
Finance Magnates recently reported on the appointment of James Emmett as managing director of the non-profit. It also strengthened its leadership by on-boarding Stuart Levey as chief executive officer, Sterling Daines as chief compliance officer, and Stevan Bunnell as the new chief legal officer