RATE Group | Facebook forms its cryptocurrency council after key backers drop out
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Facebook forms its cryptocurrency council after key backers drop out

15 Oct Facebook forms its cryptocurrency council after key backers drop out

Posted at 01:45h in Cryptocurrency News by

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David Marcus, head of blockchain with Facebook Inc., waits for the start of a Senate Banking Committee hearing in Washington, D.C., U.S., on Tuesday, July 16, 2019.

Andrew Harrer | Bloomberg | Getty Images

Facebook’s embattled cryptocurrency project has just announced its 21 founding members, a group that lacks many of the high-profile companies that originally voiced support for the effort. 

The members, including Uber, Lyft and Spotify, met in Geneva, Switzerland, on Monday to sign onto the Libra Association charter, which will govern the libra cryptocurrency. The board of directors will consist of five people, including David Marcus, Facebook’s leader for the project, and representatives from Andreessen Horowitz, PayU, Kiva Microfunds and Xapo Holdings.

The project hit a major snag on Friday, when Visa, Mastercard, Stripe, eBay and Mercado Pago all said they will no longer be part of the Libra project, following PayPal’s decision to pull out earlier last week, and leaving…

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