Head of Calibra and Facebook Executive David Marcus defended Libra after some high profile backers left the Lira Association this month.

Recently, Libra hosted its first general meeting in Geneva for its launch and signed a 21 charter. This comes in light of exit by various high profile companies that were a part of its association. As was reported by Fintechcryptonews, the first one to leave before its official launch was PayPal followed by MasterCard, Stripe, eBay, and Visa. Most of the backers pulled the plug amid regulatory concerns.

 Since Facebook announced plans to launch Libra, it has been surrounded by numerous controversies and frowned upon by lawmakers and politicians alike. However, some industry giants like Vodafone, Uber, Spotify, etc. still remain as backers of this project and have signed the official charter.

 David Marcus, the head of Blockchain Projects at Facebook defended Libra on Wednesday. He said that there is still the expectation to get some 100 financial institutions and banks to get on-board after they have addressed the regulatory concerns.

 In a previous statement, Marcus has assured the lawmakers and regulators that Libra won’t be launched until all concerns are addressed.

 In a new statement to Dailymail, Davis says that it will take time to address these regulatory concerns that were raised. He also said that it is their responsibility to come up with answers.

In the inaugural meeting on Monday, a five-member board was selected. Lael Brainard, the Federal Reserve Governor, said that it is necessary for the Libra Project to address a set of core legal and regulatory challenges before moving ahead and facilitating any payments.