Libra Association Remains Determined Despite Loss of Visa, Mastercard, PayPal

October 17, 2019 – Despite Visa and Mastercard’s departure, Facebook’s embattled Libra Association still anticipates 100 members at launch.

At its formal charter signing in Geneva, a Libra Association representative confirms to news website Coindesk its plan to launch with 100 members. This, despite the departure of key Association members like Visa, Paypal, and Mastercard. COO and Interim Manager Bertrand Perez said these high profile exits will not prevent the launch from happening smoothly. Mr. Perez, a former Senior Director at Paypal, did acknowledge the loss of these crucial players. “There’s only one Visa and Mastercard,” he told Coindesk. Later, he said that while no one can replace these firms, Libra “has trustworthy companies that are also very active and engaged in the financial and banking space.”

With 1,500 companies expressing their intention to join the project, Libra Association said around 180 of these have met the criteria. The Association remains determined, said Mr. Perez.

David Marcus, CEO of Calibra Wallet chimed in on Twitter to echo Mr. Perez’ comment. Mr. Marcus, the former President of Paypal, thank the two financial giants for “sticking it out until the 11th hour.” He mentioned the pressure they have been getting and said he respects their decision to wait for regulatory clarity first for Libra before joining.

Mr. Marcus further said this does not “seal” Libra’s fate:

“I would caution against reading the fate of Libra into this update. Of course, it’s not great news in the short term, but in a way it’s liberating. Stay tuned for more very soon. Change of this magnitude is hard. You know you’re on to something when so much pressure builds up.”

On the same Twitter thread, smart contract pioneer Nick Szabo did respond to Mr. Marcus, reminding him of the history of Bitcoin to understand why the pressure has been intense for Libra.

The Libra account on Twitter said: “We’ve said from the beginning that Libra shouldn’t and wouldn’t launch without the appropriate regulatory oversight and addressing legitimate concerns. Every time someone agrees with us, it doesn’t constitute a “blow” or “setback.” Innovation and regulation can live in harmony.”

This article is published on BitPinas: Libra Association Remains Determined Despite Loss of Visa, Mastercard, PayPal