Libra Association has announced that it is expanding its membership with three new entities recently on-boarded. Among them is Temasek Holdings, one of Singapore's state investor. The two other firms are California based VC's, Paradigm, and Slow Ventures.
This Switzerland based organization tasked with the development of Libra Stablecoins has had a murky past but things seem to be taking a different turn. Just recently, the consortium announced HSBC's Legal Chief, Stuart Levey, as its new CEO. He is expected to steer Libra as it hopefully transitions to a more practical phase with the speculated November launch.
Libra's New Membership
Notably, these added firms bring a new experience to Libra's ecosystem hence more opportunities for growth. Temasek specifically enriches Libra Association with the Asian market access according to the blog post announcement. This investment holding enjoys up to $210 billion under its managed portfolio with a focus on the emerging payment networks.
Temasek's Deputy CEO, Chia Song Hwee, has echoed that blockchain can indeed play a vital role in transformative payments ecosystems. He added that Temasek's participation in Libra enables them to be part of this initiative,
“Our participation in the Libra Association as a member will allow us to contribute towards a regulated global network for cost effective retail payments.”
As for Paradigm and Slow Ventures, Libra will benefit from their experience in investing in early-stage tech firms. Slow Ventures, for instance, has backed successful tech-oriented disruptions like Slack, Airtable, and Postmates. Paradigm on the other hand mostly focuses on crypto-based businesses guiding them from idea to maturity stages.
The Vice-Chairman of Libra, Dante Disparte, noted in a press release shared with Bitcoin Exchange Guide that this milestone is an indication of the project's readiness towards the next phase,
“The addition of three new members to the Libra Association shows our commitment to building a diverse group of organizations that will contribute to the governance, technological roadmap and launch readiness for the Libra payment system.”