Libra Association adds 3 new members, including Singapore investing giant Temasek and crypto VC Paradigm
May 14, 2020, 7:00PM EDT · 2 min read
- The Libra Association has added 3 new members to its ranks: the $300 billion Singapore investment giant Temasek along with VC firms Slow Ventures and Paradigm
- The addition of the new members follows the release of Libra’s updated white paper and the announcement of a new CEO
The Libra Association continues to add to its ranks.
The Switzerland-based consortium, which oversees the Libra stablecoin project's development, announced Thursday the addition of three new members from the venture capital and investing worlds: Temasek, Slow Ventures, and crypto industry investor Paradigm.
"The addition of three new members to the Libra Association, shows our commitment to building a diverse group of organizations that will contribute to the governance, technological roadmap, and launch readiness for the Libra payment system," said Dante Disparte, vice chairman and head of policy and communications for the Libra Association.
Specifically, Temasek – which some have described as a sovereign wealth fund and boasts a portfolio valued at more than $300 billion – will play a unique role in the Association, according to a press statement shared with The Block. Based in Singapore, the company "brings a differentiated position as an Asia-focused investor."
Temasek, along with JPMorgan and the Monetary Authority of Singapore, made headlines in November for a blockchain-based payments platform. Temasek has investments in financial services companies, including Virtu, Standard Chartered, and MasterCard, as per its corporate website.
The Libra project, which was bootstrapped by Facebook and its blockchain unit Calibra, has continued to evolve since it first gate-crashed the digital asset world last summer. At the end of April, the firm unveiled a renewed white paper, outlining its plan to roll-out a suite of fiat currency-backed stablecoins, rather than starting out with its own multi-asset backed cryptocurrency as it originally intended.
As previously reported by The Block, the move – along with other changes noted by Facebook's David Marcus – constituted a nod to the regulatory pressure the project has faced since its official inception last summer. As such, it's no surprise that Libra tapped the chief legal officer of banking giant HSBC to serve as its first chief executive officer. Stuart Levy, a former Under Secretary for Terrorism and Financial Intelligence, is set to join the Association this summer.
Indeed, 2019 was a rocky year for the project, at least by some measures. Libra drew the ire of global regulators and lawmakers, and the Association experienced an exodus of major players in financial services and financial technology.
Visa, Mastercard, and PayPal are among the members who have left Libra. Last year, Libra anticipated it would grow the Association to include 100 members.
Still, the organization has brought in some notable members since the beginning of the year, including Shopify, Heifer International, Checkout.com and crypto broker Tagomi.
Sources say that hiring is ramping up at both Calibra and Libra, which up until recently, was operating on what was described as a "skeleton crew."
Recently, Calibra has posted job openings for marketing associates and communications managers, product designers, and risk and compliance officers. Calibra is set to build infrastructure that will help spur the adoption of the Libra token. The Association is also looking to fill some spots and is currently seeking a marketing lead as well as developer talent.
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