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Facebook's Libra Association formalizes council members, executive team

Members of the Libra Association, the consortium of Facebook Inc. and other bodies responsible for the social media company's cryptocurrency project, formalized the formation of the Libra Association council, which will be in charge of the Switzerland-based entity's governance.

The 21 members that signed the Libra Association charter during an Oct. 14 meeting in Geneva also became the initial members of the council.

The Libra council appointed the Libra Association's board of directors, which includes Matthew Davie from Kiva Microfunds, Patrick Ellis from PayU Group, Katie Haun from Andreessen Horowitz, David Marcus from Calibra Inc. and Wences Casares from Xapo Holdings Ltd. In addition, Bertrand Perez was appointed as council chairperson and Dante Disparte was elected as deputy chairperson.

The board then elected the first set of executive members of Libra Association. Perez was selected to become COO and interim managing director, Disparte as head of policy and communications and Kurt Hemecker as head of business development.

"Members will continue critical work with applicable regulators around the world, begin the important process of standing up a governance and policy structure," the Libra Association said.

Other members of the Libra Association council include Anchorage, Mercy Corps, Bison Trails Co., Ribbit Capital, Breakthrough Initiatives, Spotify AB, Thrive Capital, Coinbase Inc., Uber Technologies Inc., Creative Destruction Lab, Union Square Ventures LLC, Farfetch UK Ltd., Vodafone Group PLC, Iliad, Women's World Banking Inc. and Lyft Inc.

The Libra Association moved forward with the formation of the council and appointment of executive members amid recent decisions from some backers, such as Visa Inc., Mastercard Inc., Stripe Inc. and eBay Inc., to step back from the Libra initiative.