Libra Association Board Members Have Ties to Facebook
- Board was formally created Tuesday, as members signed on
- Not the broad community that Facebook initially targeted
Oct. 11: Facebook's Libra Probably Won't Happen, Analyst Pachter Says
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The Libra Association, which oversees a controversial cryptocurrency, was officially formed on Tuesday, and its five board members have one thing in common: close relationships with Facebook Inc. and its executives.
When Facebook first announced Libra, the company was quick to point out that it wouldn’t be alone in managing such an ambitious endeavor. Instead, it hoped to be one out of as many as 100 companies controlling the new digital coin. But as regulatory pressures have mounted and early partners have been leaving the project in droves, Facebook finds itself resorting to close allies to fill the Libra leadership team.