Tech

Libra member companies are planning to meet this month in Switzerland

Key Points
  • Founding members of the Libra Association are planning to meet October 14 in Geneva, Switzerland.
  • The Libra Association is a group of more than two dozen companies overseeing a cryptocurrency project announced by Facebook earlier this year.
David Marcus, Head of Calibra at Facebook, testifies about Facebook's proposed digital currency called Libra, during a Senate Banking, House and Urban Affairs Committee hearing on Capitol Hill in Washington, DC, July 16, 2019.
Saul Loeb | AFP | Getty Images

Member companies of the Libra Association, the organization overseeing a cryptocurrency project announced by Facebook earlier this year, are set to meet later this month in Switzerland, CNBC has confirmed.

The meeting, set for October 14 in Geneva, Switzerland, was first reported by the Wall Street Journal late Tuesday. The Journal, citing a memo, said representatives from the companies will appoint a board of directors for the Libra Association at the meeting.

Farfetch, a luxury e-commerce firm and founding member of the Libra Association, confirmed to CNBC it will be attending the Geneva meeting, which the company said had been planned for "some time."

Other founding members, including Facebook, did not immediately respond to CNBC's requests for comment. The Libra Association declined to provide additional details.

The Libra Association is a Geneva-based nonprofit made up of more than two dozen companies tasked with overseeing a new digital currency called libra. The goal of libra, according to the organization, is to provide a new way to send, receive and spend money, "enabling a more inclusive global financial system."

Founding members committed an initial $10 million to join the group. Some news reports have indicated there is waning support for the project from some member companies like Visa and Mastercard after regulators in the U.S. and Europe voiced concerns about the proposed digital currency.

David Marcus, who is leading the project at Facebook, responded to the Wall Street Journal's report in a series of tweets Tuesday, saying: "For Libra to succeed it needs committed members, and while I have no knowledge of specific organizations plans to not step up, commitment to the mission is more important than anything else."

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