Facebook’s Libra adds three more members to its Association

• Three new members are joining the Facebook-backed digital currency project Libra.
• The members include Temasek, Slow Ventures and crypto industry investor Paradigm.
• Temasek will reportedly play a significant role in the Association. 

The Libra Association has recently announced the addition of three new members – Temasek, Slow Ventures and crypto industry investor Paradigm. The Association oversees the development of the Facebook-backed stablecoin project, Libra. 

Dante Disparte, vice chairman and head of policy and communications for the Libra Association, said: 

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.

According to The Block’s report, Temasek will play a significant role in the Association. Some describe Temasek as a sovereign wealth fund and it boasts a portfolio that’s valued at more than $300 billion. It is expected to bring “a differentiated position as an Asia-focused investor.” 

The Libra project, which was bootstrapped by Facebook and Calibra, has come a long way since it first made news last Summer. In April, the firm rolled out a renewed white paper that outlined its plan to launch a suite of fiat currency-backed stablecoins rather than starting with its own multi-asset backed cryptocurrency (as initially intended). 

2019 was a challenging year for Libra. Global regulators and lawmakers heavily criticized the project. Several major players, including Visa, Mastercard and PayPal, left the Association. On the other hand, it welcomed some notable members such as Shopify, Heifer International, Checkout.com and crypto broker Tagomi.