San Fransico-based investment firm, Blockchain Capital, has recently joined the governing body of the Libra Association, according to an announcement on September 19.
Blockchain Capital To Develop ‘Equitable Payment System’
As per the notification, the Blockchain Capital along with 26 other members of the governing body will develop a ‘more equitable payment system’ for Libra.
Recently, the co-founder and the managing partner at Blockchain Capital, Bart Stephens, stated, “Leveraging blockchain technology to improve financial access and promote innovation has been at the core of Blockchain Capital’s portfolio strategy.”
Blockchain Capital was established in the year 2013, since then the company has put its stakes in a lot of companies which include, Coinbase, BitGo, Bitwise, Circle and Ripple.
While talking about associating Blockchain Capital with the Libra Association, the vice-chairman and head of policy and communications for Libra Association, Dante Disparte, stated that the oldest investment firm would now bring in the deep industry insight and also the dynamic network of supporters.
In June 2018, soon after Facebook published its whitepaper for the stablecoin project, Libra association was formed.
Libra Association Revitalizing
In its initial days, a number of global companies like MasterCard, PayPal, Visa, Stripe, eBay and many more became the founding members of the association.
But later, the association started experiencing regulatory pressure globally, therefore, many of its members left Libra.
In the year 2020, Libra revitalized itself as it integrated many of the new members like Checkout.com and Shopify in its governing body.
Libra Association had planned to integrate at least 100 members in its governing body, but presently, the number has reached to 30 only.
A few days ago, the Facebook-backed project appointed the former CEO of HSBC, Jame Emmett as the managing director of Libra Networks LLC. Also, the former chief legal officer at HSBC, Stuart Levey has also been appointed by Libra as the company’s first CEO.