Most of the remaining members of the Libra
Association consist of venture capital firms, who
often have an eye on emerging technologies
and align with Facebook’s interests, as well as
nonprofits. But some larger companies who are
now members of the association include Uber,
Lyft, Spotify and European telecommunications
company Vodafone. The association said in a
statement that an unnamed additional 180
entities have expressed interest and have met
the initial requirements to join.
Facebook has faced criticism since the
summer when it unveiled plans to create a
separate, private currency system to allow
users to make cross-border payments more
easily. Politicians have said they believe
Facebook’s struggles with protecting users’
privacy would spill over into Libra, despite it
being a separate organization.
The Menlo Park, California-based company tried
to answer those criticisms by creating Libra
as a legally separate entity through the Libra
Association, and by not owning Libra itself.
But Facebook is still involved, even at an arm’s
length. The association elected David Marcus, a
Facebook executive and co-creator of Libra, as
one of the association’s five directors. Katie Haun
with Andreessen Horowitz, one of the VC firms
that invested in Facebook before it went public,
was elected to the board as well.
Facebook CEO Mark Zuckerberg is scheduled to
appear in front of the House Financial Services
Committee later this month to discuss Libra.
That committee is chaired by Rep. Maxine
Waters, D-Calif., who has been an ardent critic
of Libra from its onset.