Venture capital firm Blockchain Capital becomes a member of Facebook's Libra Association

Venture capital firm Blockchain Capital becomes a member of Facebook's Libra Association - Libra AssociationThe Libra Association led by Facebook (Facebook shares) added venture capital firm Blockchain Capital to its ranks.

Blockchain Capital will bring its experience in the blockchain sector to Libra

In a September 18 post, the Geneva-based association revealed that Blockchain Capital will use blockchain technology to create a "fairer payment system" in partnership with the Libra Association.

In addition, Blockchain Capital will bring its experience in the blockchain sector, its staff and entrepreneurs in the sector to Libra. Commenting on this new participation, Vice President of the Libra Association, Dante Disparte said: “As a member of the Libra Association, Blockchain Capital offers insight into the industry and a dynamic network of supporters as we work on building a payment system based on blockchain that supports responsible financial services innovation ".

Blockchain Capital was founded in 2013. The VC company has investments in several cryptocurrency companies including Ripple and Coinbase. “We are honored to join the Libra Association and deeply believe in the mission of creating a fairer payment system. Leveraging blockchain technology to improve financial access and foster innovation has been at the heart of Blockchain Capital's portfolio strategy, ”said Bart Stephens, co-founder and Managing Partner of Blockchain Capital.

Facebook is determined to get Libra off the ground

Facebook has suffered heavy setbacks since it revealed its cryptocurrency project to the world last year. Despite this, the company has not given up on its ambitious Libra project.

On Thursday, the Libra Association announced it has hired former CEO of international banking giant HSBC, James Emmett, as the new CEO of its subsidiary Libra Networks LLC.

According to Libra Association CEO Stuart Levey, Emmett possesses "deep substantial expertise and operational experience" that "will help make Libra's vision a reality."

Facebook unveiled its crypto project in June 2019. At the time, the social media giant had released the white paper for its stablecoin called Libra, which would be backed by a pool of resources.

The Libra Association, charged with the sole role of overseeing the cryptocurrency project, was made up of renowned companies such as PayPal (NASDAQ: PYPL), Mastercard, Stripe, Visa and eBay, among others.

However, most of these founding members withdrew from the association as global regulatory experts heavily attacked the crypto project. Libra has not reacted badly to the numerous withdrawals from members.

Earlier this year, the association renewed its white paper in an effort to placate regulators who have become convinced that the cryptocurrency Libra poses a threat to the financial stability of their countries. In addition, the association has added some notable members this year, including, cryptocurrency broker Tagomi, Heifer International, and Shopify.