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Fast setting
- Dozens of companies should be part of Facebook's leading cryptocurrency association
- Here is a map of members that will be made public Tuesday
Facebook has quietly built its cryptocurrency for over a year. It seems that this time has been well spent and has gained the support of some of the most prominent companies in the fields of payment, retail and technology.
As recently reported by the Wall Street Journal, Facebook's cryptocurrency will be governed by a consortium of companies known as the Libra Association, which includes companies like Visa, Mastercard and PayPal. But The Block has gotten hold of the consortium's marketing materials and can now bring back dozens of companies that were not involved before, including investors such as Andreessen Horowitz and Union Square Ventures, the cryptocurrency swap Coinbase and non-profit organizations such as Mercy Corps. Calibra, a Facebook subsidiary created to oversee the cryptographic efforts of the social media giant, is also a founding member, according to a source familiar with the issue.
Here is a complete list of the founding members of the Libra Association, which Facebook is due to officially announce on Tuesday:
One person familiar with the situation said Facebook had charged each member $ 10 million to manage his own node, which allowed members to access and view the network. Originally, the company had the ambition to involve Wall Street, but she noted a lack of interest from institutional giants such as Goldman Sachs and JPMorgan. He is still looking to have 100 members in the ruling association, said the person.
Here's all we know about the project:
This funding from the consortium members will support the coin, which will be attached to a basket of currencies.
If successful, Facebook could generate $ 1 billion of the 100 companies it hopes to include in the project. Each of these nodes would also obtain a seat at the Libra Association as node operators and send a representative to the consortium.
Cryptocurrency reports on Facebook began circulating in May 2018, when Cheddar announced that the social media giant had started looking for information on the blockchain nearly a year ago. before. Facebook then announced that David Marcus, vice president of its Messenger application and member of the board of directors of Coinbase, will lead its blockchain efforts. Prior to Marcus' appointment, Morgan Beller, a member of Facebook's development team, was the only employee to study blockchain.
Since then, Facebook has expanded the project and has evoked a stablecoin that increased with every step of society in the world of blockchain.
In May of this year, Facebook registered Libra Networks LLC in Geneva, Switzerland, where it is working on blockchain developments, according to its registry. The BBC subsequently announced that the company was considering launching the coin in the first quarter of 2020 and planned to start testing it later this year before launching it in a dozen countries.
According to rumors, the group has published blockchain job offers before the launch of its white paper. Additional openings were posted this week.
The coin can be used inter alia to pay for e-mail applications. In December, Bloomberg announced that the coin would allow users to transfer money via its WhatsApp messaging service. A few months later, in February of this year, the New York Times announced that the project had been moved to a place where Facebook was discussing selling it to consumers and was negotiating with cryptographic exchanges.
According to a study by LendEDU, if this is true, it seems that the piece could attract new users to cryptography and could be enhanced through the Facebook Marketplace feature.
Although a white paper has not yet been published, regulatory issues have already arisen. Following the Wall Street Journal report that Facebook was recruiting investors to launch its cryptocurrency, US senators on the Banking Committee sent an open letter to Facebook founder Mark Zuckerberg asking how the coin would work. , among other concerns. The Commodity Futures Trading Commission (CFTC) also told the Financial Times that its discussions were initiated with Facebook and that no official request has yet been submitted. CFTC Commissioner Christopher Giancarlo said the body was still pondering whether a Facebook cryptocurrency would fall under the jurisdiction of his agency.
According to the Financial Times, Facebook has also appointed British lobbyist Standard Chartered, Ed Bowles, as the London-based director of public policy, to promote cryptocurrency.
Below you will find our own Facebook Balance Association map, broken down by sector.
Blockchain
Coinbase – cryptocurrency wallet and trading platform
BisonTrails – Infrastructure Services Company. Its platform enables a variety of features, including the implementation, validation, voting, transaction and securing of blockchain protocols
Xapo – Cryptocurrency Guard Provider
Anchorage – digital asset preservation service
E-commerce
Ebay – e-commerce company that allows sales from consumer to consumer and from business to consumer via its website
Mercado Pago (MercadoLibre) – Argentine e-commerce site incorporated in the United States with an online marketplace and auction.
Farfetch – online platform for luxury fashion
Investment companies
Andreessen Horowitz – venture capital company founded by Marc Andreessen and Ben Horowitz
Union Square Ventures – New York-based venture capital firm
Creative Destruction Lab – start-up program for scalable, science-based businesses
Ribbit Capital – venture capital company investing in start-up companies
Thrive Capital – a venture capital firm focused on Internet and software investments
Non-profit
Women's World Banking – uses a network of 40 independent microfinance institutions and banks provide support to entrepreneurs in the underdeveloped world, with a focus on women
Kiva – 501 non-profit organization that allows users to lend money to low-income entrepreneurs in more than 80 countries via its platform
Mercy Corps – a global humanitarian aid organization that provides support to regions affected by disasters, whether economic, environmental, social or political
payments
Visa – payment technology company
Stripe – technology company where businesses can send and receive payments over the Internet
PayPal – operates a global payment system
PayU – helps online businesses to accept and process payments
Mastercard – global payments provider
Sharing
Lyft – transportation company that offers carpooling
Uber – carpooling platform
Social media
Facebook (Calibra) – Facebook subsidiary created for Libra
Telecommunication
Vodafone – British telecommunications multinational
Illiad – French provider of telecommunication services
Booking Holdings – Online Travel Provider
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