Facebook-led Libra Association secures 21 signatures at inaugural charter meeting
October 14, 2019, 6:41PM EDT
1 min read
Twenty-one organizations have formally joined Libra after Monday's Association meeting. The commitments follow a string of significant departures, as Visa, PayPal, MasterCard, Stripe, eBay and Booking departed from the Facebook-led stablecoin project.
During a meeting in Geneva, the twenty-one organizations formally signed the Libra Association charter and appointed a board of directors. The initial board members are Calibra cofounder David Marcus, Andreessen Horowitz general partner Katie Haun, Xapo CEO Wences Cesares, PayU general counsel Patrick Ellis, and Kiva chief strategy officer Matthew Davie.
Meanwhile, PayPal veterans Bertrand Perez, Dante Disaprte, and Kurt Hemecker will comprise the Association's executive team.
Despite the high profile exits from the Libra Association that preceded the meeting, the Association claims that more than 1,500 organizations have expressed interest in joining the project.
Post-trade in capital markets today operates primarily based on provision of balance-sheet to off-set counterparty risk, either directly or indirectly, via settlement agents, CCPs and CSDs etc. The issues with this ‘hub and spoke’ model are well known, including the resulting massive duplication of data, bifurcated processes, concentration of risk and subsequent deployment of capital and resources that could be better utilized.
On this episode of The Scoop, eToro's newly appointed US lead Lule Demmissie explained why she doesn't see retail's newfound presence in the market subsiding anytime soon and how eToro plans to capitalize on growing the business across cryptocurrencies and stock trading.