Facebook’s proposed cryptocurrency project Libra is not over yet as the Libra association announces the addition of three new members into the Libra project. According to the report from ZDNet, Singaporean Sovereign Wealth Fund Temasek, and two San Francisco-based firms Slow Ventures and Paradigm have joined the Libra Association. According to the report, these three companies are the newest members of the group and will join the other group members including Tagomi, Heifer Interaction, and Shopify.
The addition of three new members to Libra
Recently, the Libra Association made a host of new changes to its proposed stablecoin project Libra in order to address the regulatory concerns. And now it is continuously attracting new members. The vice-chairman and head of policy and communications for the Libra Association, Dante Disparte welcomes these three members and says that all of these three companies have unique capabilities.
“We are honoured to welcome Temasek, Paradigm, and Slow Ventures to this effort. Each of these organisations shares our overall mission alignment bringing unique capabilities and long term focus on market development for blockchain and digital assets,” he said.
Adding more to it he stated:
“The addition of three new members to the Libra Association, shows our commitment to building a diverse group of organizations that will contribute to the governance, technological roadmap, and launch readiness for the Libra payment system.”
The Entrance of Temasek into Libra is notable
The addition of Singapore state investor Temasek into the Libra Association is highly significant for the development of Facebook’s Libra project and it will play a crucial role in the Association for the improvement of the stablecoin project. The deputy CEO at Temasek Chia Song Hwee says in this regard that as a member of Libra Association, we will try to “contribute towards a regulated global network for cost-effective retail payments”.
Due to some regulatory issues, the initial members of Facebook’s Libra project such as Mastercard, Visa, eBay, Stripe, and PayPal kicked off the project in the beginning. But now it is constantly adding more and more new members.
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