After PayPal exit, Facebook’s Libra forms governing board

Libra

Some days after the Internet payment giant, PayPal and other members of the Libra Association left the project, Libra has now formed a governing body.

In a statement released earlier today, Libra Association said it has “formally signed onto the Libra Association charter, formalized the Libra Association council, elected the Board of Directors, and appointed members of the Libra Association executive team.”

According to the statement, Calibra CEO and former Facebook blockchain head, David Marcus will be on the seat of the five-person board.

Other board members include Katie Haun, a general partner with Andreessen Horowitz; Wences Cesares, CEO of Xapo; Patrick Ellis, general counsel at PayU; and Matthew Davie, chief strategy officer of Kiva.

Bertrand Perez, Dante Disparte and Kurt Hemecker will take leadership roles in the association’s executive team. Hemecker, Perez and Marcus are all PayPal alums.

It would be recalled that Facebook announced that Calibra, the association will include tech and cryptocurrency giants such as Coinbase, Xapo, Anchorage, Bison Trails, Creative Destruction Lab, Andreessen Horowitz, Thrive Capital, Ribbit Capital, Union Square Ventures, Breakthrough Initiatives, Illiad, Vodafone, Farfetch, Uber, Lyft, Kiva, Mercy Corps, Women’s World Banking, Spotify and PayU.

Last week, PayPal withdrew its membership from the organization.