Posted 1 year ago | by Ben Armstrong
Blockchain Capital Joined Libra – Still Not a Compelling Platform
Recently, Blockchain Capital, a San Francisco-based investment and venture capital firm became the latest member of Libra Association, which is working on a new kind of digital currency and payments platform.
Blockchain Capital officially became the twenty eighth member of the Libra Association. After several financial payment service giants such as PayPal, MasterCard, Visa left the project last October, the Libra Association hopes the participation of Blockchain Capital will bring new vitality to the project.
Blockchain Capital was founded in 2013. Until now, the company has successfully deployed over $300 million USD in capital and invested in major crypto and blockchain exchanges, for instance CoinBase, Ripple, BitGo and Circle.
Libra is Not Crypto
Speaking upon this event, Dante Disparte, Libra’s vice chairman, expressed his expectation that Blockchain Capital would use their deep expertise in payment as well as crypto to support the construction of a new comprehensive platform, including blockchain-based financial services.
The Libra Association was started as Facebook’s non-profit initiative, which was announced back in June 2019, with the ambition to release a new global digital payments system. Initially, it received support from more than 100 business entities, but was criticized by many governments and policy makers.
Earlier this year, Libra published a whitepaper which outlined the restructuring from the original proposal of the Libra coin, but it still has received criticism from many areas.
Don't Trust Facebook
Along the way, a number of former members have faced the pressure and left the Association. In the meantime, Libra has looked for more global partners.
In addition to Blockchain Capital, it welcomed the enrollment of some other new members, including Singaporean investment firm Temasek Holdings, Paradigm and Slow Ventures.
Libra’s members also come from other different industries and with diversified backgrounds, such as crypto platform CoinBase or shared riding service Uber and Lyft. Apparently, Facebook’s Libra is trying to strengthen their supporting network to speed up the launch of its coin.
Along with that, the Association is also submitting to get the payment license from the Financial Market Authority of Switzerland.
The Libra Association has nominated former HSBC CEO, James Emmett, as their managing director and assigned a number of top leader positions. Despite the star power that Libra has attracted, the nature of the platform isn't decentralized – which makes it a hard sell in the crypto community.
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