None of 21 Founding Members Made Financial Commitment to Libra, BBC Claimed

By Warren Hayes | October 23, 2019

None of the original 21 members of Libra Association has reportedly made any commitment, regarding their financial investment into Facebook’s upcoming stablecoin project. 

Specifically, ever since the official announcement of the Association Council watching over Libra in June this year, none of the founding organizations has committed any funds, as revealed by BBC on October 23. 

Together with the introduction of Libra whitepaper back in June, Facebook disclosed that every founding company will need to satisfy a required financial commitment, particularly equivalent to $10 million, should they want to reinforce their stance in the Council and verify their vote. 

Per BBC, the matter concerning the required fee has not been finalized during the first general assembly of Libra Association, held last week. Although the Libra association has refused to make further remarks, BBC believed Facebook is the sole financial supporter of the project up to now. 

The Libra Association – an independent, not-for-profit organization headquartered in Geneva – has conducted an inaugural meeting in the same city on October 14th. Initially supported by 28 founding members, numerous names have walked away from Libra, nominally PayPal, Visa, Mastercard, Stripe, eBay, Mercado Pago and Booking.

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