Marcus Soothes Nerves After Reports of Partners' Cold Feet Over Libra

Neil Dennis

David Marcus, the Facebook executive heading the Libra cryptocurrency project, has taken to Twitter to ease tensions after reports some key members of the Association backing the project are getting cold feet.

Marcus began by announcing that the first wave of "official" Libra Association members will be formalized in the coming weeks. According to a report in Wednesday's Wall Street Journal (WSJ), some financial partners - including payments specialists Visa and Mastercard - may no longer take part in the project after severe opposition from global governments and their central banks and regulatory agencies.

Indeed, Marcus proceeded to debunk much of the WSJ report - particularly against assertions that Facebook didn't share detailed information about how to secure Libra and protect its network against illegal activity. He added:

The tone of some of this reporting suggests angst, etc. I can tell you that we're very calmly, and confidently working through the legitimate concerns that Libra has raised by bringing conversations about the value of digital currencies to the forefront.

Courage needed

Early suggestions that some of its partners were reconsidering their position in the project left Facebook shares 1.3% lower on Tuesday and there were further losses expected on Wednesday.

Seeking to reassure investors as well as partners, Marcus said in his Tweet that it would be a "long journey" and courage would be required. He concluded:

For Libra to succeed it needs committed members, and while I have no knowledge of specific organizations plans to not step up, commitment to the mission is more important than anything else.

 

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