Visa CEO: No member has officially joined Facebook Libra project yet

Facebook • July 24, 2019, 5:30AM EDT
UPDATED: July 24, 2019, 11:25AM EDT
The Block

Alfred F. Kelly, chairman and CEO of Visa (one of the members of Facebook’s Libra cryptocurrency project), has said that no company has officially joined the project yet.

Kelly made the comments in a Q3 2019 earnings call on Tuesday, saying: “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.”

The CEO further said that Visa is in discussions and its final decision to join the project will be determined by "a number of factors," including the ability of the Libra Association to address all regulatory concerns.

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

Facebook, on its part, has reportedly hired two more lobbying firms - the Sternhell Group and Cypress Group - to help pitch its upcoming Libra cryptocurrency to regulators in Washington.

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Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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