180 of the 1,500 organizations interested in joining the Libra Association meet its criteria and could replace partners who have decided to leave the project, the organization said through a statement.
Libra Association's potential partners must meet at least two criteria: have a market cap of more than $1B or $500M in client assets, offer their services to 20 million people a year and be one of the 100 leading companies in their industry. In addition, cryptocurrency firms, educational institutions and non-profit organizations must meet some extra requirements.
Visa, MasterCard, Stripe, eBay, Mercado Pago, PayPal and Booking Holdings have recently announced they have decided to leave the Libra Association.
In this first official meeting of the Libra Association, which was held yesterday in Geneva, the organization has also approved its board of directors. It includes David Marcus, Katie Haun from Andreessen Horowitz, Wences Cesares from Xapo, Matthew Davie from Kiva Microsystems and Patrick Ellis from PayU. Bertrand Perez, who had been acting as COO and interim managing director, has been officially appointed. In addition, he has also become chairman of the board of directors.
The Libra Association has not announced any changes to its current strategy to address the concerns of regulators.
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