Libra Association founding members yet to commit $10M each - Report

The Libra Association’s 20 founding members, excluding Facebook, have yet to commit investment dollars to the social network's stablecoin project, Libra, BBC reported, citing "several sources."

When Libra was announced in mid-June, Facebook said that each founding member would have to invest a minimum of $10 million, but so far none have committed to invest, per the BBC report. The investment matter was also not discussed in the association’s first general assembly last week.

Libra Association member companies told the BBC that they would likely invest in the project when asked. “Rather than collect a bunch of money from a bunch of people and then figure it out...the feeling is that we needed to form, ratify a budget, and then figure out how to fund that budget, rather than the other way around,” one member company told the news source.

Mark Zuckerberg, CEO of Facebook, is set to testify before the U.S. Congress on Libra today, and in his written testimony, Zuckerberg said that Facebook will “not be part of launching the Libra payments system anywhere in the world until US regulators approve.”

Interestingly, one source at a founding member company told the BBC: “We’ve seen Facebook start to move away from the Association a little bit, maybe, but it’s still a challenge for them, definitely.”