The Libra Association is an independent and non-profit organization based in Geneva, Switzerland. This is what is stated on the official page of the association, presented today together with the Libra project and the subsidiary Calibra created by Facebook specifically to work on cryptocurrency.
Among the stated objectives is support for the open source community to create an ecosystem of innovative financial services and products, the maintenance of the blockchain that will have the task of validating the transactions and the management of the assets collected in the Libra Reserve in order to guarantee a constant value to the coin.
The Libra Association, the members
The 28 members who immediately took part in the Libra project were also announced. Some have been anticipated in recent days by rumors circulating on the Net, others appear today on the official website of the initiative. The Libra Founding Members, so the companies that have already chosen to support the idea are defined, they will also act as nodes of the blockchain. We list them below, divided by area of belonging.
Given the nature of the project, whose declared ambition is to “transform the global economy”, it is essential for Libra to have support from companies that already operate in the financial sector and in payment management.
Technology and marketplace
The possibility of using Libra crypto not only for the exchange of peer-to-peer money (from user to user), but also for purchases in physical and online stores, will be of fundamental importance to push its adoption and use. The involvement of platforms such as eBay, Uber and Spotify is pointing in this direction. In this group there is also Calibra, a subsidiary specifically created by Facebook which, when the currency debuts, will offer users a wallet for its management.
- Booking Holdings;
- Facebook Calibra;
- Mercado Pago;
Among the first partners also two operators in the telecommunications sector, both active in our country. We can imagine some form of integration for the use of cryptocurrency, perhaps aimed at the purchase of credit to be associated with one’s own users.
As with any other virtual currency, Libra will also see its transactions validated by the nodes of a blockchain. The presence among the Libra Founding Members of companies active in this field is therefore almost taken for granted.
Libra will be a stablecoin, with value anchored to that of real assets and assets. The involvement in the initiative of companies specialized in investment and capital management is explained.
- Andreessen Horowitz;
- Breakthrough Initiatives;
- Ribbit Capital;
- Thrive Capital;
- Union Square Ventures.
Non-profit and multilateral organizations, academic institutions
Finally, among the partners there are non-profit organizations, some of which are active in the areas of microcredit and humanitarian aid.
- Creative Destruction Lab;
- Mercy Corps;
- Women’s World Banking.