The Libra Association continues to add to its ranks.
The Switzerland-based consortium, which oversees the Libra stablecoin project’s development, announced Thursday the addition of three new members from the venture capital and investing worlds: Temasek, Slow Ventures, and crypto industry investor Paradigm.
“The addition of three new members to the Libra Association, shows our commitment to building a diverse group of organizations that will contribute to the governance, technological roadmap, and launch readiness for the Libra payment system,” said Dante Disparte, vice chairman and head of policy and communications for the Libra Association.
Specifically, Temasek – one of Singapore’s sovereign wealth fund which boasts a portfolio valued at more than $300 billion – will play a unique role in the Association, according to a press statement shared with The Block. Based in Singapore, the company “brings a differentiated position as an Asia-focused investor.”
Temasek, along with JPMorgan and the Monetary Authority of Singapore, made headlines in November for a blockchain-based payments platform. Temasek is an investor in financial services companies, including Virtu, Standard Chartered, and MasterCard.
The Libra project, which was bootstrapped by Facebook and its blockchain unit Calibra, has continued to evolve since it first gate-crashed the digital asset world last summer. At the end of April, the firm unveiled a renewed white paper, outlining its plan to roll-out a suite of fiat currency-backed stablecoins, rather than starting out with its own multi-asset backed cryptocurrency.
As previously reported by The Block, the move – along with other changes noted by Facebook’s David Marcus – constituted a nod to the regulatory pressure the project has faced since its official inception last summer Libra. As such, it’s no surprise that Libra tapped the chief legal officer of banking giant HSBC to serve as its first chief executive officer.