Facebook’s upcoming cryptocurrency, aka “GlobalCoin” and “Libra”, will reportedly be governed by a new consortium of corporations and non-profit organizations. The social media giant established the Libra Association to include over a dozen companies that will act as founding members of Project Libra to launch Facebook’s new stablecoin. GlobalCoin, pegged to multiple currencies, is expected to debut early next year.
The Block has published a list of the consortium’s founding members who will reportedly invest $10 million each.
Founding Members of Facebook’s Libra Association
Calibra (Facebook subsidiary)
Creative Destruction Lab
Union Square Ventures
Women’s World Banking
Unlike other cryptocurrencies that are trying to spur adoption and build recognition, Facebook’s coin will capitalize on its household name and the ability to eventually leverage its user base of 2.5 billion monthly active users.
According to reports about Project Libra’s GlobalCoin, which has been under wraps for months, it’s designed to spawn a global network of crypto transactions including cross-border and domestic payments among friends and family with PayPal-like ease and Facebook-friendly features.
The network, if successful, could power a global platform for e-commerce transactions among merchants worldwide. It could also position Facebook to offer more financial services and compete with banks.