Facebook’s Libra project suffered a huge blow this month. Major high profile backers of the company pulled out from the crypto project amid regulatory scrutiny. PayPal was the first company to exit the Libra Association, and after that, Mastercard, eBay, Visa, and Stripe also pulled the plug.
The head of Facebook’s blockchain project, David Marcus, on Wednesday defended Libra. He said that he still expects to get 100 banks and financial firms to get on board after they address the regulatory concerns. According to the Dailymail report, Marcus said that it would take time for them to address all the regulatory concerns that were raised. He added that it is their responsibility to come up with the answers.
Libra Association held its first inaugural meeting on Monday in Geneva to select a five-member board. Federal Reserve governor Lael Brainard said that the Libra project needs to address a core set of legal and regulatory challenges before going ahead and facilitating any payment.