Libra Association was recently called for its first council meeting, which included industry giants such as Andreessen Horowitz, Uber, Lyft, Spotify and Coinbase. David Marcus, co-creator of Libra and head of Calibra at Facebook, featured in a CNBC interview to provide Libra’s current position after a number of founding members pulled out from the initiative for unclear reasons. Supporting the decade-old cryptocurrency ecosystem, Marcus added,
“I’m a big fan of Bitcoin and what I see as digital gold.”
Furthermore, the entrepreneur added that “if there was a stable, low volatility, scalable version of Bitcoin,” then the company would just focus on embedding that technology into Facbook’s Calibra digital wallet. Marcus also highlighted the ongoing challenges in the cross border payments arena, and how Libra is taking the “hard way to build a very high quality, stable digital asset,” which can enable more people to be part of a modern financial system.
While the Libra project was initiated by Facebook, Marcus claimed to have small governance over the network eventually, owing to involvement of numerous other players. He further highlighted that the core of financial network system, “whether it’s SWIFT or ACH”, has not changed in 50 years.
In addition, Marcus further claimed that Libra partners, together, will easily be able to deliver on the United Nation’s goal of reducing cross border payments costs from 7% to 3.5%.