Libra Association announces Temasek, Paradigm, and Slow Ventures as latest members

Today the Libra Association announced Temasek, Paradigm, and Slow Ventures as the latest members to join the association. Temasek is a $300 billion sovereign wealth fund owned by the government of Singapore, while Paradigm and Slow Ventures are two United States based venture capital firms.

The Libra Association recently unveiled a new whitepaper with a revised plan for the Libra project that features:

1. Single-currency stablecoins in addition to the multi-currency Libra coin.
2. No future transition to permissionless system
3. Strong protections for the Libra Reserve
4. More robust compliance framework.
5. Easier integration of CBDCs to replace stablecoins

Why it matters:

• The Libra project is kicking into higher gear. The Libra Association has added 5 new members since announcing its revised plan just weeks ago, bringing its total membership to 27.
• Last week the Libra Association announced former HSBC Chief Legal Officer Stuart Levey as CEO.