Over 1,500 entities have indicated interest in joining the Libra project effort, and approximately 180 entities have met the preliminary membership criteria shared at libra.org, the Libra Association confirmed on Oct 15. The announcement came out of the first official meeting of the Libra Association today in Geneva, Switzerland.
Libra Association’s official partners must have a capitalization of more than $1 billion or $500 million in client assets, serve 20 million people a year and be one of the hundred leading companies in their industry. There are also separate requirements for crypto companies, non-profit and educational institutions.
As previously reported, Visa, MasterCard, eBay, Stripe, Mercado Pago announced on October 11 they will no longer be part of Facebook’s libra cryptocurrency project. Lack of support from key payment systems can have serious consequences for the Facebook crypto project. Their withdrawal clouds the Libra’s future and calls into question its success.