Blockchain Capital Joins Facebook-Backed Libra Association
The Libra Association was established by social media giant Facebook to oversee the Libra token, a permissioned blockchain digital currency. The plan is for the Libra token to be backed by financial assets such as a basket of currencies, and US Treasury securities in an attempt to avoid volatility. The association membership is comprised of geographically distributed and diverse businesses and nonprofit organizations working to create a blockchain-based payment system supporting financial inclusion and responsible financial services innovation.
Blockchain Capital, which helps entrepreneurs build companies and projects based on blockchain, launched a tokenized investment fund in April 2017 and created the BCAP ERC-20 token, the blockchain industry’s very first security token. BCAP represents an indirect economic interest in the limited partnership interest in the tokenized investment fund, which invests in the digital assets and equity securities of some of the most recognized emerging companies building blockchain and digital asset platforms.
“As a member of the Libra Association, Blockchain Capital brings deep industry insight and a dynamic network of supporters as we work on building a blockchain-based payment system that supports responsible financial services innovation,” said Dante Disparte, Vice Chairman and head of policy and communications for the Libra Association.
Blockchain Capital joins a growing group of new Association members announced earlier this year. Recently, the association announced the leadership appointments of James Emmett as Managing Director of Libra Networks, Steve Bunnell as Chief Legal Officer, Sterling Daines as Chief Compliance Officer, and Stuart Levey as Chief Executive Officer.
“We’re honored to join the Libra Association and believe deeply in the mission of creating a more equitable payment system. Leveraging blockchain technology to improve financial access and promote innovation has been at the core of Blockchain Capital’s portfolio strategy,” said Bart Stephens, Co-founder and Managing Partner of Blockchain Capital.