The Libra Association has confirmed its initial membership, as the 21 remaining members gathered in Geneva to formally sign on to the organization’s charter, CNBC reports. The signing came after a tumultuous two weeks that saw one quarter of the original 28 founders withdraw from the project.
Facebook had originally announced the project in June and revealed the creation of the Libra Association – a governing council that would oversee the proposed Libra digital currency. The project immediately encountered a deluge of criticism and resistance from lawmakers and regulators around the world. Then, in early October, PayPal announced that it would no longer take part in the Association.
PayPal’s exit was followed by the withdrawal of several other early project backers. Last Friday, eBay, MasterCard, Stripe, and Visa all announced that they were disengaging from the Association. As CNBC reports, Mercado Pago followed suit that day as well. On Monday, Booking announced its withdrawal as well.
The remaining members reportedly doubled down on their commitment to the project on Monday, as they formally joined the Libra Council. Those members include Anchorage, Andreessen Horowitz, Bison Trails, Breakthrough Initiatives, Calibra, Coinbase, Creative Destruction Lab, Farfetch, Iliad, Kiva Microfunds, Lyft, Mercy Corps, PayU, Ribbit Capital, Spotify, Thrive Capital, Uber, Union Square Ventures, Vodafone, Women's World Banking, and Xapo.
According to CNBC, the founding members retain the right to exit the association for any reason. The interim articles also provide each member with a single vote and require self-recusal in the event of any conflict of interest. New members can be added, or existing members removed, with a two-thirds vote. That two-thirds requirement is also needed to alter Libra policies, adopt new charter amendments, or dissolve the organization.