Libra is on the verge of launching. Although high-profile partners have abandoned the project, executive David Marcus believes Facebook’s venture expects over hundreds of financial firms and banks on board.
“It will take time for us to address all the regulatory concerns that were raised, and it’s our duty and our responsibility to come with answers to these questions. I think once we’ve done this then I think we’ll see more banks and traditional financial services firms join the effort,” commented David Marcus – head of Libra during International Monetary Fund (IMF) panel he had.
During his panel, Marcus shared about 1,600 potential partners have expressed their interest in backing up or joining the project, leaving “no problem” for Libra to reach its goal of launching with 100 members.
Opinions have been polar these past few days. Facebook’s ambitions to establish a digital currency have faced flashback by key members, pulling out – eBay Inc., PayPal Holdings Inc. and Stripe to name a few.
Regulators and policy makers expressed concerns Libra could turn over financial systems, threatening privacy data and encouraging money laundering activities.
As of now, Facebook has no major payment firm as a backup plan due to its launch in June 2020.