The Libra Association has announced the 21 companies who have officially signed a charter backing the project, following its meeting in Geneva, Switzerland on Monday..
The Libra Association and 21 other companies met in Geneva, Switzerland
As well as enshrining support from the likes of Spotify, Uber, Netherlands-based fintech PayU and UK mobile network Vodafone, the meeting also agreed on the project’s new association board members and executive staff.
The association board was fixed to five members, which will include Facebook’s ex-blockchain lead who is now the CEO of Libra’s cryptocurrency wallet Calibra, David Marcus, pointing to Facebook’s persistent position as a key player in the project.
Joining Marcus on the board will be entrepreneur lending platform Kiva’s Matthew Dvie, PayU’s Patrick Ellis, private capital firm Andreessen Horowitz’s Kaite Haun, and stable bitcoin exchange Xapo Holdings’ Wences Casares. Read more: Libra’s woes continue as Booking Holdings departs
Ex-PayPal director Bertrand Perez will remain Libra’s permanent COO, and its interim MD, but he was also newly appointed as Libra’s council and board chairperson.
Dante Disparte, a fellow PayPal alum who currently serves as a member on an advisory council in the Federal Emergency Management Agency (FEMA), will continue to be head of policy and communications and deputy chairperson of the board and council.
Kurt Hemecker, another ex-PayPal director, will continue to head business development for the project.
Facebook was hit with a law suit four days before Libra’s meeting on October 10 by Finco Services, an online banking start-up which is suing the social media giant for trademark infringement over the Calibra logo, according to Reuters.
Despite PayPal, Visa, Mastercard, Booking Holdings, eBay, Stripe and Mercado Pago all pulling out at the eleventh hour, Libra said on Monday that 1,500 entities have expressed interest in joining the project – 180 of which meet its partner criteria.
The full list of all 21 companies now officially signed up to the Libra project are: Anchorage, Mercy Corps, Andreessen Horowitz, PayU, Bison Trails Co, Ribbit Capital, Breakthrough Initiatives L.P, Spotify, Calibra Inc, Thrive Capital, Coinbase, Uber Technologies, Creative Destruction Lab, Union Square Ventures, Farfetch UK Limited, Vodafone, Iliad, Women’s World Banking, Kiva Microfunds, Xapo Holdings Limited and Lyft. Read on: Facebook’s Libra suffers additional regulatory scrutiny * More Details Here
Facebook submitted by
Inc. unveiled plans to launch a cryptocurrency in a move that could diversify its business from advertising while expanding into financial services long dominated by Wall Street.
The cryptocurrency, called Libra, will be a secure blockchain-based payment system backed by hard assets and designed for ordinary users, making it among the boldest efforts yet to bring digital currencies into the mainstream.
Facebook next year plans to roll out its cryptocurrency.
How Libra works…
- The Libra Association — an independent, not-for-profit organization created by Facebook and based in Geneva — mints the currency and distributes it through authorized sellers.
- A consumer downloads a digital wallet from Calibra, then purchases Libra from an authorized seller’s site.
- With Libra, the user can make an online purchase, such as a subscription to Spotify, one of the corporate partners of the currency.
- Spotify then exchanges the Libra for dollars via a reseller, who then sells the currency back to the Libra Association.
Source: the company
Facing continuing scrutiny of its privacy practices, Facebook introduced Libra in a manner that seemed intended in part to head off potential regulatory concerns. It said it is creating a subsidiary, called Calibra, that would be governed with the help of external partners, to ensure “the separation between social and financial data.” Calibra will offer a crypto wallet — a digital app that can be used to pay for items online and send money — using Libra.
Facebook on Tuesday named a series of corporate partners
— including financial-services heavyweights Mastercard
Inc. and PayPal Holdings
Inc. and tech giants Uber Technologies
Inc. and Spotify Technology
SA — that it said would help it create a “secure, scalable and reliable” cryptocurrency. The Wall Street Journal reported in May that the initiative involved developing a “stablecoin”
— a digital asset backed by a basket of global currencies or other investments — unlike other cryptocurrencies, such as bitcoin, whose values can fluctuate sharply.
Facebook, which has worked quietly on blockchain-based payments for more than a year in an effort led by former PayPal President David Marcus, said Libra would be available by 2020 on its Messenger and WhatsApp services and as a stand-alone app. The company has broad ambitions for the project and its use by the social platform’s 2.4 billion monthly active users. Facebook envisions Libra being used to make everyday financial transactions like paying bills, making retail purchases and paying for public transport.
One of the Libra network’s early goals would be to provide basic financial services to people around the world who lack bank accounts and to save some of the $25 billion “lost by migrants every year through remittance fees,” the company said in a blog post Tuesday.
Offering reward of 1- 5 Ltc Lealana silver funded coin. *see below. If you don’t care about his topic, please don’t waste your time reading it and please save your comments. Help from anyone here or anyone selling bitcoin type items that has been wronged by Paypal or eBay is much appreciated. Let's get David Marcus involved in tweets or whatever necessary to fix this. I saw a post from a few days ago where a reddit member was told he couldn't sell mining equip by paypal and it looks like it stirred up enough to get resolved. http://www.reddit.com/Bitcoin/comments/1v12p4/well_done_paypal_well_done_jerks/
(also see article from wired:) http://www.wired.com/wiredenterprise/2014/01/paypal_bitcoin/
Paypal and eBay have being ruining my business and the business of others eBayers. They are operating in bad faith and bad business. They appear to be targeting established sellers with goods sales volume (and perfect feedback, go figure). Paypal banned all bitcoin and other e-currencies. Even physical coins. PLUS eBay forcing to list items in "classified" category. Froze all my accounts. "Bad faith" business by both as others continue to sell as auctions and accept paypal. Have emails to prove such. It started in Oct when Ppal said they considered sellers a "money services business", and threatened to freeze my accts if not stop using ppal for sales of bitcoin, or other e-currencies. I was selling paper wallets and physical coins. I provide insured s/h and del signature. NOT digital transfers subject to disputes. They instructed me to cancel all current listings and refund sales not yet shipped. I complied, much to dismay of buyers, and wasted a bunch of time explaining to buyers and disputing neg feedback, which all got resolved positively. I appealed to paypal compliance dept and acceptible use departments on the basis these are "physical items", not digitally delivered goods" or electronic currency. The physical metal coin is just a store of the numbers which correlate to an actual digital coin/currency. A metal coin in and of itself cannot technically be a bitcoin, it's actually a collectible. I asked for permission to at least sell the physical coins. “ 12/5/13
to compliance, aup, rswebhelp, bcc: me
Hello, I need paypal's immediate assistance. BITCOIN, LITECOIN, e-CURRENCY violations.
I am complying , however MY restriced use of paypal for these items in unfair and unethical business practices if OTHERS CONTINUE TO BE ALLOWED to violate your policy with no consequences.
My account was restricted a few weeks ago and I have complied and since had it restored, I was informed you are working on the situation for prohibiting sellers who sell bitcoins, litecoins, or other e-currencies from accepting paypal as payment.
Per an email from ppal support, I was OFFICIALLY told in writing these items were not permitted and was asked to even report the items if seen on ebay.
There CURRENTLY are upwards of 1000 LISTINGS IN VIOLATION on ebay right now in related categories. MY LISTINGS WILL NOT sell as well or at all if I cannot accept paypal and others can. I just had a couple listings close with no bids that otherwise would have sold. THIS IS UNFAIR.
I will happily forward you listing numbers on ebay in violation, however a simple search for: bitcoin litecoin brings up hundreds and hundreds and I would assume paypal has compliance staff in place to easily accomplish this.
Kindly contact and limit these sellers as well. I had to cancel out and refund over 20 transactions a few weeks ago per paypal's advice due to your policies, much to the dismay of the buyers, and if this is to be enforced and is the policy, then other sellers need to be aware of this as well.
These sellers must be held to the same standards as I or any other seller is held. My credibility as a seller when stating I cannot accept paypal must also have basis and credibility, and this cannot be accomplished with other sellers having listings for the same items and accepting paypal.
You urgent assistance in this matter is much appreciated. Please reply to this and update me as to your course of action in this matter. Regards, ********* “
My biggest argument to them was that if I and others are to comply, it MUST BE A LEVEL PLAYING FIELD. The ongoing,(still to this day) hundreds of listings on eBay for both digital and physical items which accept paypal as payment is blatant BS! They keep stating they are not targeting anyone and are trying to shut everyone down, but they just don't seem to do it. They even sent me a letter encouraging me to "report" listing number violations that I see, which I stated should be their job, and not a real difficult one at that, where they only have to search "bitcoin" on eBay to find all the voilators, and then click a button to send a msg to that ppal customer. I also recommended they get with eBay and have a programmer fix the payment options prompt to not offer paypal as an option. I moved forward, without a choice, and by early Dec I had been listing my items w/o ppal as option, offering skrill, propay, and bank dep/wire, and only having minor success and many cancelled sales from buyers who didn't read the listing, (which I described in detail the situation). Paypal cost me many sales and wasted a lot of my time. I thought I was in luck when paypl compliance dept finally answered my appeal on 12-8-13, and said: "Dear ****, In regards to your previous inquiry, PayPal’s Acceptable Use Policy for money service businesses does not permit our users to operate as a e-currency exchange, currency exchange or check cashing business. However, PayPal can be used to sell currency as a collectible in which sales of collectible currency cannot reach the threshold of $1,000 USD per person, per day. For further confirmation in regards to the use of PayPal for the sale of physical, collectible coins in relation to Bitcoins, you may want to submit a detailed item description so that it may be reviewed and to confirm compliance with PayPal’s Acceptable Use Policy. Sincerely, Alex PayPal Compliance Department" I read this as collectible format was ok, and the recommendation I "may" want to submit further info as that I had wasted enough time and honestly didn't want to rock the boat. Fast fwd to Jan 2, received this email, (again) : "Dear *
We have reviewed your PayPal account and found that you have been involved in the sale of electronic media exchange (such as electronic money or digital currency). Per our current Acceptable Use Policy for Money Service Businesses, PayPal may not be used for currency exchange including the sale of Litecoin and any form of ecurrency. To continue using your PayPal account, we need some additional information from you. Please provide us with a signed and notarized affidavit stating that you understand and will comply with PayPal's terms and conditions." Also received call from compliance same day saying they warned me before and will freeze account. The agent was very rude and condescending and I had him reference the letter received giving permission to sell currency to a particular daily threshold, which he did not interpret the same way. I asked, much to his dismay, to speak with supervisor, which he finally complied after 3 or 4 requests, Supervisor was cordial at least and said they are working to shut everyone down, and gave me an “extended date, since it sounded like I had been thru the ringer”, of 1-17-14 to comply and send in affidavit. A few days later, eBay cancelled all my listings on 2 separate accounts and suspended my one account for 3 days. They now state, verbatim: "Jan 8, 2014, eBay eBay sent this message to ****** (cflow01). Your registered name is included to show this message came from eBay. Learn more about how to tell if an email is really from eBay. MC999 Listing policy violation alert: Digitally Delivered Goods Hello cflow01, After reviewing your eBay account, it appears that you have violated eBay's Digitally Delivered Goods policy. As a result, we've taken the following action on your account: - Violating listings have been removed. A list of removed items is available further down in this email. - We have credited all associated fees except for the final value fee for your listing(s).
Listing digitally delivered goods outside of the Classified Ad format in the Everything Else > Informational products category is not allowed.
The guidelines for digitally delivered goods help prevent feedback manipulation or artificial increases in eBay seller ratings. The guidelines also help protect members by preventing item listings that may infringe on the intellectual property rights of others.
You can list most digitally delivered goods, but only if you use the Classified Ad format and list your item in the Everything Else > Information Products category.
Here's more information on our policy: http://pages.ebay.com/help/policies/downloadable.html
Virtual currency such as Bitcoin, Peercoin, Litecoin, and others, can only be listed in the Classified Ad format. Additionally, PayPal prohibits the transfer of funds for transactions related to virtual currency, therefore PayPal cannot be offered as a payment method for these items.
If you have more questions, contact our policy experts: http://ocsnext.ebay.com/ocs/cusr?query=1387&domain=email1254
Please be sure your future listings follow these guidelines. If they don't, they may be removed, and you may be subject to a range of other actions, including restrictions of your buying and selling privileges and suspension of your account.
Here are the listings that were removed: 291052195953 - Litecoin 5 Ltc .25 oz Physical Lealana Silver Coin (Not Bitcoin, PPC, Digital) 291052200502 - Litecoin 10 Ltc Physical Lealana .999 Silver Coin (Not Bitcoin, PPC,FTC,Digital) 291052372404 - Titan Physical Bitcoin btc high security (Not Casascius, Litecoin, Ftc) We appreciate your understanding. Thanks, eBay "
If you note, they even state you can't use paypal. If fact, in an interview with cnet on Dec 10: http://news.cnet.com/8301-1023_3-57615080-93/paypal-president-david-marcus-bitcoin-is-good-nfc-is-bad/
Mr. Marcus, paypal president states: "I really like Bitcoin. I own bitcoins." "People are confused. They think because it's called cryptocurrency it's a currency. I don't think it is a currency. It's a store of value, a distributed ledger." How can paypal and eBay say you are selling a digital currency when the very president of Paypal states it's not even a currency?
Bottom line, Paypal and eBay are in the wrong here, at least in the fact they are acting in bad faith and in bad business in targeting certain sellers and not holding everyone to the same standards. Let's get Mr. Marcus involved here. Let's hold them accountable and at least consistent in their rules. Spread the word, especially if you are one of the ones being wronged. Let's get this resolved, let's band together, let's seek legal action if need be. ( I have spoken to my friend, an attorney briefly.) *I will even give that 5 Ltc coin mentioned above to the person who helps most if we can get Paypal and eBay to see the light and allow the use of paypal or the use of standard ebay listing formats, or at least get them to guarantee in writing (and actually honor it) to make everyone follow the rules. Sorry for the long post here, but this is one of the most frustrating things I have had to deal with in a long time and they are truly hurting our credibility and ability to sell in a fair marketplace. I, like many I am sure, have a lot invested in this. Please help! Thank you in advance!
Bitcoin has more potential to revolutionize commerce than near-field communication (NFC) technology does, PayPal president David Marcus said at the LeWeb conference in Paris today. David Marcus (CEO of Paypal) “I really like Bitcoin. I own Bitcoins. It’s a store of value, a distributed ledger. It’s a great place to put assets, especially in places like Argentina with 40 per cent inflation, where $1 today is worth 60 cents in a year, and a government’s currency does not hold value. Bitcoin News David Marcus Suggests Bitcoin Isn’t a Currency; Compares It to Gold. David Marcus – the head of Facebook’s blockchain division – had some unusual things to say about bitcoin. David Marcus is the Head of Messaging Products at Facebook.David is the co-creator of the Libra cryptocurrency and Head of Calibra.. David was President of PayPal from April 2012 to July 2014, where he has overall responsibility for establishing PayPal as the leading global payment service and helping to drive the future of money around the world. David Marcus, a former President of PayPal who The wallet service in question is a critical part of Facebook’s plan to create a new global payment service based around blockchain technology
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