The Facebook-backed cryptocurrency project Libra names five people to its association board as another backer jumps ship.
It has been a bad week for Libra. For one thing, the cryptocurrency imitative is facing a copyright lawsuit from FinTech company Current. The mobile banking company accused Calibra, Facebook’s digital wallet subsidiary that was launched to support Libra, of having stolen the design of its logo from Current, the Verge reported.
That comes as regulators across the globe keep expressing their concerns about the digital currency.
Moreover, having already seen supporters like PayPal and Mastercard abandon it, the list grew longer on Monday when Bookings Holdings also pulled out.
However, the Libra Association is saying that it has plenty of potential replacements. It claims over 1,500 organizations have expressed interest in joining the project. Of those, 180 have apparently met the requirements to replace the seven companies that has left the association.
At the same time, the Libra Association officially appointed its board of directors. The list includes five heavy-weights from the tech and digital payments space. The board members are Kiva Microfunds’ chief strategy officer Matthew Davie, PayU’s general counsel Patrick Ellis, Andreessen Horowitz’s general partner Katie Haun, Calibra’s co-creator David Marcus and Xapo Holdings’ CEO Wences Casares.
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