Libra Yet to Get $10 Million Commitment from Founding Members: Report

Regulator’s Eye on Libra Shouldn’t Apply to Bitcoin and Other Crypto - Crypto Champions

According to a BBC report Wednesday morning, none of Facebook Libra’s founding members have made any formal fund commitment to the highly controversial global project.

Libra Founding Members Have Not Yet Committed to Back The Project

Facebook in June, at the time of formally proposing its cryptocurrency project, Libra, had said that the project would be backed by a handful of founding members, each of which would be committed to backing the project with an amount of $10 million. However, the foundation has only seen a few notable members opt out of the project due to the regulatory hurdles faced by it. In fact, no founding member as of now is confirmed to have committed funds to the project.

On the 14th of October, Libra Association was officially formed and all founding members were announced. The remaining 20 members now have equal say in the project, according to Facebook.

Facebook Doesn’t Control Libra

The news comes following an expectation of Facebook CEO, Mark Zuckerberg’s visit to Washington in order to testify before the US congress based on Facebook’s involvement in the proposed cryptocurrency project, Libra. According to the BBC report on the issue, Mark Zuckerberg is expected to appear before Congress today to clarify that Libra is “independent” and “we (Facebook) don’t control it”.

Ahead of the meeting with Congress today, Mark Zuckerberg has submitted a testimony which is now being reviewed by Congresspersons and members of the press. The introductory section of the testimony acknowledged that Libra is a necessity and will enable money to sent easily like a text message but that Facebook. However, Zuckerberg also admitted that he understands that Facebook is not the best messenger for innovation at the moment. According to Mark Zuckerberg’s testimony,

I believe this is something that needs to get built, but I understand that we are not the ideal messenger right now. We have faced a lot of issues over the past few years, and I’m sure people wish it was anyone but Facebook putting this idea forward.

Do you think Libra will be able to prove its integrity about serving the interests of the users to the regulators? Share your opinion with us in the comments below!

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