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Facebook’s Cryptocurrency Partners Revealed!

Facebook’s Cryptocurrency Partners Revealed!

Facebook’s cryptocurrency partners revealed—we obtained the entire list of inaugural backers

Facebook has been quietly building out its cryptocurrency for over a year, and it looks like that time has been well spent, enlisting the support of some of the most prominent companies across payments, retail, and technology.

Here’s a full list of the Libra Association founding members, which Facebook is set to officially announce on Tuesday:

As reported by The Wall Street Journal, Facebook’s cryptocurrency will be governed by a consortium of firms known as the Libra Association,

Libra Association includes the likes of Visa, Mastercard, and PayPal.

But The Block has gotten its hands on consortium marketing materials and can now report dozens of firms not previously known to be involved, including investors such as Andreessen Horowitz and Union Square Ventures, cryptocurrency exchange Coinbase, and non-profits including Mercy Corps.

Calibra, a subsidiary Facebook formed to oversee the social media giant’s crypto efforts, is also among the founding members, according to a source familiar with the matter.

Talks about Facebook cryptocurrency began circulating in May of 2018, when Cheddar reported the social media giant had begun looking into blockchain nearly a year prior.

Facebook then announced David Marcus, vice president of its Messenger app would lead its blockchain efforts.

Morgan Beller, a member of Facebook’s corporate development team, was the only employee studying blockchain, prior to Marcus’s appointment.

Resources said Facebook charged each member $10 million to manage their own node, which allows members to access and view the network.

Earlier,the company had ambitions to get Wall Street involved, but found a lack of interest among institutional giants like Goldman Sachs and JPMorgan.

It is still looking to have 100 members in the governing association, according to resources.

If successful, Facebook could net $1 billion from the 100 companies it hopes to include in the project.

Each of these nodes will also reportedly get a seat in the Libra Association as node operators, sending a representative to the consortium.

This funding from the consortium members will back the coin, which will be pegged to a basket of currencies.

In May of this year, Facebook registered Libra Networks LLC in Geneva, Switzerland, where it is working on blockchain developments, according to its register.

BBC later reported that the company is looking towards a Q1 2020 launch of the coin, and has plans to begin testing it later this year before launching in a “dozen” countries.

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