https://wccftech.com/facebook-ploughs-on-as-major-libra-backers-abandon-ship/

In a momentous development, twenty-one organizations have signed the charter for the Libra Association – an autonomous nonprofit intended to oversee Facebook’s (NASDAQ:FB) proposed digital currency. The inaugural meeting took place in Geneva, Switzerland, where the participants reiterated their support for a cryptocurrency that could be used by unbanked individuals worldwide.

In addition to affirmations of support, the Libra Association’s twenty-one members also constituted a five-member board and, as per the Swiss law, agreed upon interim articles of association that detail the governing structure of the organization. According to these articles, most major decisions will require a vote garnering a majority within the consortium while membership changes will require an approval by two-thirds of the members. Moreover, the five-member board includes Facebook’s former blockchain head and the current CEO of the tech giant’s cryptocurrency corporate subsidiary called Calibra, David Marcus. The rest of the board membership comprises of representatives from the non-profit Kiva Microfunds and PayU as well as a member each from venture capital firm Andreessen Horowitz and Xapo Holdings Limited.