The Facebook-owned Libra blockchain has continued to grow, with the news of a new major industry partner on the horizon. According to an official announcement yesterday, one of the biggest venture capital firms in the industry, Blockchain Capital, has joined Facebook’s Libra association.
With this partnership, the Sanfrancisco-based firm is now the latest company to join the consortium’s attempt to set up a stablecoin. While its original members such as Vodafone, Mastercard, and PayPal left, the non-profit organization has now become the 28th member to offer its support for the Libra association.
Leveraging blockchain technology to promote innovation
Managing partner and co-founder of Blockchain Capital, Bart Stephens, revealed that the company is elated with the partnership.
“We’re honored to join the Libra Association and believe deeply in the mission of creating a more equitable payment system,” he said.
Bart further reiterated that one of the firm’s main targets is to leverage blockchain technology to promote innovation and improve financial access. So, this development is in line with the company’s core principles and objectives on which it operates. Blockchain Capital was set up in 201, with stakes in top crypto and blockchain firms, including Ripple, Circle, Bitwise, BitGo, as well as Coinbase.
Head of Policy and vice chairman of the Libra Association Dante Disparte added the association’s view of the partnership. He said Blockchain Capital is bringing its dynamic network and deep industry insight into the project of building a blockchain-based payment system that will support dependable financial services innovation.
Blockchain Capital has now joined 27 other participants who will work jointly to develop a more reasonable payment system using Libra. Meanwhile, the Libra Association was established two years ago after Facebook announced its Libra project.
The project’s participants are still far from the proposed 100 members
When the white paper for the project was released, it had a good number of top companies supporting the project. These include eBay, Stripe, Visa, Paypal, Uber, as well as Mastercard. However, concerns for global regulation of the stablecoin led to a mass exodus of several of those bigwigs in the finance industry.
It’s only recently the association started expanding its member association, with Blockchain Capital being the latest member to join. Libra has been revitalized this year, as Shopify and Checkout joined the association. Although the participants are now 29 members, it’s still a far cry from the 100 member associations initially planned when the project was announced.
Apart from the growth of its members, the Swiss-based association has also been busy in the human resource department, appointing top financial service experts into its executives.
The association has already filled the position of a chief executive officer, as former chief legal officer of HSBC, Stuart Levey, was appointed for the position. Two days ago, the association appointed James Emmett, HSBC top echelon, as the managing director of Libra Networks LLC, its subsidiary firm.