Facebook's Libra Announces Board as Support Shrinks Further

Backers of Facebook’s Libra cryptocurrency project pledged to forge ahead after selecting a five-member board on Monday, shrugging off the latest member defection by online travel company Booking Holding earlier in the day.

“It is a correction; it’s not a setback,” said Dante Disparte, head of policy and communications for the Libra Association, whose 21 remaining members held their inaugural meeting in Geneva.

The owner of Priceline, Kayak and Booking.com on Monday confirmed that it had pulled out of the group, which is trying to bring digital coins into mainstream commerce.

Libra lost its last global payments backers on Friday, when Mastercard and Visa abandoned the Geneva-based Libra Association. eBay, fintech startup Stripe and payments company Mercado Pago also pulled the plug.