facebook libra govt. backed

Singaporean firm, Temasek Holdings Private Limited, owned by the Government of Singapore joins the Libra Association. Along with Facebook, Uber, Andressen Horowitz, and Coinbase, the $300 billion dollar holding company becomes the most prominent member of the Association.

The revelation was made in an press release yesterday by Libra. It also announced the addition of Paradigm and Slow Ventures to its’ list of members. Paradigm and Slow Venture are California based Venture Capital funds which invest in the technology industry.

Initially beginning with 27 members, the Libra Association saw significant set backs as members like MasterCard, VISA and PayPal backed out. Nevertheless, with the addition of three new firms, the association has risen back to 27 members. The press release notes,

The addition of three new members grows the Libra Association’s membership, including Heifer International, Checkout.com, Shopify and Tagomi, which were announced earlier this year.

Tagomi is a digital asset brokerage firm backed by co-founder of PayPal, Peter Thiel. Find the complete list of the members here.

After significant criticism and blockages to the original plan of a basket of FIAT currencies, the team revamped the design in April to issue individual FIAT currencies. Regulatory compliance will be one of the primary concerns for the Association. Moreover, the addition of the state-backed sovereign fund also strengthens the outlook around the project which nearly collapsed due to rejection from the world governments.

The expected launch date of the Libra stablecoins is around mid-November and the end of the year.

How do you think Libra’s launch will affect the on-ramp for cryptocurrencies? Please share your views with us. 

Original Source: Coin GApe Facebook’s Crypto Project, Libra, Adds Singapore Govt. Backed Firm, Temasek