Rotman Management

The Dawn of a Global Cryptocurrency

AS OF JUNE 18, 2019, Facebook’s closely guarded cryptocurrency project was no longer a secret. That’s the day the Creative Destruction Lab (CDL) announced that it would be joining Facebook and 26 other organizations as a founding partner of the Libra Association to create Libra — a simple global currency and financial infrastructure that will empower billions of people. Headquartered in Geneva, the Libra Association will govern the infrastructure and manage and evolve this new ecosystem, enabling developers and businesses to build inclusive new financial service products for people around the world.

Set to launch in 2020, the currency will be backed by a reserve of real assets, providing low volatility and encouraging widespread global acceptance. The goal is for thoughtfully designed ‘smart contracts’ operating on a widely accessible and stable global currency platform to unlock never-before-seen gains from trade, benefiting society at a meaningful scale.

CDL is the sole academic founding partner, and it is in good company. Members of the Libra Association are geographically distributed and diverse businesses and non-profits. The organizations that are working together to develop the association’s charter include:

• From the realm of payments: , , , and ;• From technology and marketplaces: , , , , , , and ;• From telecommunications: and ;• From Blockchain: , , , , and ;• From venture capital: , , , and ;• From the non-profit realm: Creative Destruction Lab, , and .

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