Facebook launches Libra Association—and says 180 companies could join

Enlarge (credit: SARINYAPINNGAM / Getty Images)

Shrugging off defections by a number of high-profile partners, the Libra Association held its first formal meeting on Monday. The 21 companies that still support the cryptocurrency project formally ratified the Libra Association's governing documents in Geneva.

Facebook created Libra, but the company hopes Libra will become larger than any single company. Officially, Facebook-via its cryptocurrency subsidiary Calibra-is just one of the association's 21 members, with each member having equal voting rights.

Facebook has said that it hopes to expand the organization's membership to more than 100 organizations by the time the Libra payment network launches in 2020.

Read 5 remaining paragraphs | Comments