Libra Association beefs up with three new members

The Libra Association announces the addition of three companies to the cryptocurrency project— Temasek, Paradigm, and Slow Ventures.

The stablecoin has faced an uphill battle ever since Facebook announced its development. Quite a few financial ministers and lawmakers expressed concerns, even outright hostility, towards the upcoming cryptocurrency.

Even more troubling was that a number of major companies began to drop out of the Libra Association—the Geneva-based organization designed to manage the cryptocurrency.

PayPal, eBay, MasterCard, Stripe, Vodafone, and Visa all made the decision to leave the association even though they expressed positive thoughts about Libra’s goals.

Introducing the Libra Association

The Libra Association is announcing today its plans for a simple global currency and financial infrastructure. Find out more

Posted by Libra on Tuesday, 18 June 2019

Adding to the roster

Now it appears that the ship may be righting its course. Temasek is an investment company based in Singapore with US$219 billion [AU$340 billion] in its portfolio. Paradigm and Slow Ventures are both based in San Francisco.

Paradigm is a crypto-focused investment firm, while Slow Ventures is a venture capital business.

Dante Disparte, vice chairman and head of policy and communications for the Libra Association, remarks, “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.”

Disparte adds, “We are honoured to welcome Temasek, Paradigm, and Slow Ventures to this effort. Each of these organisations shares our overall mission alignment bringing unique capabilities and long term focus on market development for blockchain and digital assets.”

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