None of Facebook’s Libra Partners Committed Any Money Yet

Facebook lIbra Partners

According to BBC, none of the 21 founding members of the Facebook Libra Partners, except Facebook, have yet committed any money to support Libra.

 

The report has it that since the announcement of the Libra Association Council in June 2019, no financial agreement for the founding partners has been made to date.

Remember that during the release of the Libra whitepaper in June 2019, Facebook revealed that each of the founding members was required to make a minimum investment of $10 million.

BBC’s sources revealed that the members have not discussed the fee at the Libra Association’s first general assembly last week. While the Libra association declined to comment on the issue, the report alleges that the project has not received any financial support from any other source than Facebook itself.

The Facebook Libra Association, a non-profit consortium for governing the stablecoin project, held its inaugural meeting in Geneva on October 14th. It was originally comprised of 28 founding members but Libra recently lost seven partners – Mastercard, Booking, eBay, PayPal, Visa, Stripe and Mercado Pago.

The head of Facebook’s crypto wallet Calibra, David Marcus, commented saying that the withdrawal of the seven firms has no impact on the project.

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