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Facebook Ensures Support From Several Leading Industry Firms For Its Upcoming Crypto Project.

In line with a recent report published by ‘The Block’, leading social media giant ‘Facebook’ has reportedly ensured support from over a dozens of major players within the ‘cryptocurrency‘ & ‘blockchain‘ sector for its upcoming crypto project.

Just recently, Facebook has allegedly sealed ‘backup‘ from several of leading industry firms that embrace Visa, Mastercard, PayPal and Uber for its forthcoming cryptocurrency project, called by the name ‘Libra’. Together, these investors form the Libra Association.

The report cited by the Block reveal that the Libra Association formed to manage the project also will embody investors like venture capital firms Andreessen Horowitz and Union Square Ventures, renowned crypto exchange ‘Coinbase‘, and non-profit organizations Mercy Corps. Among several other members, the reporting outlet named stakeholders from various industries, along with telecommunications, e-commerce, and media.

However, the complete list of this consortium’s founding members, is yet to be ‘revealed‘ by Facebook within the upcoming few weeks.

Facebook Ensures Support From Several Leading Industry Firms For Its Upcoming Crypto Project.

Facebook’ Libra Association Partner Members.

A source familiar with this matter told the Block that Facebook desires to attract over 100 members within the governing consortium. If all goes per the plan, the company can supposedly secure around $1 Bln’s from the 100 participants as it’s reportedly charging every member around $10 Mln to manage their own node.

Yesterday, the company also announced that it ‘hired‘ Standard Chartered Bank’s head of public affairs named ‘Ed Bowles’ in anticipation of the larger restrictive scrutiny within Europe over its plans to launch its cryptocurrency and other monetary services to its 2.4 Bln users. Bowles is expected to join Facebook starting in Sept., and is set to serve as the company’s London-based director of public policies.

Global investment bank ‘RBC Capital’ analysts Mark Mahaney and Zachary Schwartzman yesterday ‘said‘ that the Facebook’ long-awaited ‘stablecoin‘ project “might be one of the foremost important initiatives within the history of the company.”

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