Farfetch among Libra’s founders

Facebook’s new cryptocurrency will have a little Portuguese touch: Farfetch. José Neves, the company’s CEO and Founder, has confirmed to ECO that it will join the project as a founding member. The famous “unicorn” will join Libra Association, working closely with companies such as Uber, Visa and Spotify to launch the initiative in the first half of 2020.

“Libra Association will be responsible for operating and developing Libra blockchain, expected to be safe, scalable and reliable.  It was designed to support businesses as well as to act as a cryptocurrency. Farfetch will actively participate in the technical, architectural and developing processes of Libra Association as one of its founding members”, the company has said in a statement.

Last week, Mark Zuckerberg announced he was leading a consortium that will launch this cryptocurrency, designed for online payments. Four days later, Farfetch confirmed its involvement. According to José Neves’ last statement, they “believe blockchain will benefit the luxury industry, bettering IP protection, transparency on the life cycle of a product and, in the case of Libra, helping e-commerce without frictions”.