A key figure at the organisation behind Facebook’s Libra cryptocurrency has left the group amid growing concerns over the project, according to The Telegraph.
Simon Morris, the Libra Association’s head of product, departed the Geneva-based body in August, just two months after Libra was publicly announced.
Mr Morris was one of the few known members of the Libra Association, a neutral body set up to develop and run Libra independently of Facebook and its other members.
It comes after the payments giant PayPal pulled out of the coalition of companies backing Libra, and others including Visa and Mastercard consider their position amid heated political scrutiny of the project.
Vodafone has called for the rapid appointment of an independent chief executive of Libra to fully separate it from Facebook, as it reiterated its support yesterday for the troubled cryptocurrency cproject.
Nick Read, chief executive of the FTSE 100 mobile phone giant, said independent leadership was essential to guarantee the success of the ambitious scheme.
“It needs a chief executive for that business,” he said.
“The sooner a chief executive is appointed to lead it going forward that is not [from] Facebook, then people will then understand the ambition of the entity itself.
Vodafone is one of the founding members of Facebook‘s Libra Association, the governing authority tasked with overseeing the ‘cryptocurrency.’
Speaking to the press in Vodafone‘s Düsseldorf office, Read stated that Vodafone remained fully committed to the project.
„Though Libra has met with fierce resistance from central banks and supervisory authorities and might never see the light of day, in many other cases tech firms (both start-ups and established big players) have successfully captured bits and pieces of universal banks’ traditional value chain. This trend may only intensify in the coming years. In this environment, European banks remain squeezed.”