Creative Destruction Lab (CDL), a not-for-profit seed-stage startup program, today announced that it will be a Founding Partner of the Libra Association.
CDL is keen to contribute to the success of the Libra initiative as the sole Canadian organization and academic institution in the Libra Association at present.
The Libra Association will create Libra, a simple global currency and financial infrastructure that can empower billions of people. Libra will be built on a secure, scalable, and reliable blockchain; and it will be backed by a reserve of assets designed to give it intrinsic value.
The Libra Association will govern the infrastructure and manage and evolve this new ecosystem. Libra will enable developers and businesses to build inclusive new financial service products for people around the world.
The initial group of organizations that will work together on finalizing the association’s charter includes:
- Payments: Mastercard, PayPal, PayU (Naspers’ fintech arm), Stripe, Visa
- Technology and Marketplaces: Booking Holdings, eBay, Facebook/Calibra, Farfetch, Lyft, Mercado Pago, Spotify Technology S.A., Uber Technologies, Inc.
- Telecommunications: Iliad, Vodafone Group
- Blockchain: Anchorage, Bison Trails, Coinbase, Inc., Xapo Holdings Limited
- Venture Capital: Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures
- Nonprofit and Multilateral Organizations, and Academic Institutions: Creative Destruction Lab, Kiva, Mercy Corps, Women’s World Banking
Libra will extend CDL’s Blockchain Stream – a program developed to create startups that exploit blockchain technologies that enable novel contract design and innovative market design.
As a Founding Partner, CDL will contribute to the creation of the Libra Association, promoting activities that enhance startup innovation worldwide.
The release of the Libra Blockchain whitepaper revealed that Facebook will launch not just one, but two cryptocurrencies.
Alongside the fiat-backed cryptocurrency, Facebook will also issue the “Libra Investment Token” a security token available to the Libra Association and accredited investors.
“When a globally known brand like Facebook elects to do an STO (Security Token Offering) over traditional methods as a way to fund incentive programs and cover operational costs, it legitimizes the whole STO industry. Hopefully, this will help raise awareness as to why an STO and digital securities are a better option for raising capital and managing the lifecycle of securities.”
– Carlos Domingo, Co-Founder and CEO of Securitize