Libra Has No Official Members to Their Cryptocurrency Project, According to Visa CEO

  • CEO Alfred F. Kelly of Visa states that about 27 companies have expressed interest in joining Libra.
  • Libra’s approach to regulatory concerns will be a determining factor of Visa joining.

Despite many changes happening in the cryptocurrency industry lately, the only subject that many news media websites and even governments seem to have on their mind is Libra, the new cryptocurrency from Facebook.

The asset hasn’t even launched, and won’t do so until next year, but the activity surrounding the whitepaper alone is astounding. As more light is shed on the progress of Libra, the CEO of Visa stated that there has yet to be any company to actually join the project, says The Block.

Alfred F. Kelly, who is both chairman and CEO for Visa, has already confirmed that his company is already a member of the project. However, no one has officially joined, as he commented at the Q3 2019 earnings call on Tuesday. More specifically, Kelly said,

“We have signed a nonbinding letter of intent to join Libra. We’re one of – I think it’s 27 companies that have expressed that interest. So, no one has yet officially joined.”

Some of the other companies include Mastercard, PayPal, Uber, Lyft, and Coinbase. Dante Disparte, the head of policy and communications with the Libra Association, recently spoke to CoinDesk, shedding light on what would transpire with the addition of Visa. He said,

“Implied in this project is that wherever the Visa or Mastercard logo are accepted, Libra would follow suit. In so many ways, it’s a great leap forward for cryptocurrencies and, in many respects, a mainstreaming of this asset class.”

Libra has come up against a significant number of demands for more information from jurisdictions around the world. These jurisdictions are hoping to find a way to regulate the crypto asset, out of fear that it could pave a new way for cybercriminals to participate in money laundering, terrorism funding, and other illicit activities. The lack of official members so far, with those concerns in mind, is not surprising.

The CEO added that Visa is presently considering “a number of factors,” helping them to decide if they will officially join the project. One of these factors is how Libra ultimately responds to all of the regulatory concerns. Kelly noted,

“It’s really, really early days, and there’s just a tremendous amount to be finalized.”

Reports from Politico indicate that Facebook has already hired two more lobbying firms to help with its pitch to Washington-based regulators regarding Libra. The newly added lobbying firms are allegedly the Sternhell Group and Cypress Group.

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