Fabrick now has a wide range of partner firms and universities including Autonomous, ANU, Apollo Capital, Block Ledger, Christmas Jalili, Fractonium, Gilbert + Tobin, Holon Global Investments, Mihell & Lycos, Mindhive, Mine Digital, Piper Alderman, Prismatick, RMIT, UNSW, Social Terrain, and Sumo Group.
“While we are delighted with the calibre of organisations partnering with this initiative, there is also a strong pipeline of inquiries from those who want to be involved.
“Our office is fielding several queries a day from people and corporates wanting more information about our activities. There is interest in the fact that Fabrick will work with regulators and not outside the system,” said Luke Behncke, CEO of Fabrick Innovations.
Libra working closely with Swiss regulators
“Just as Libra is working with Swiss regulators, Fabrick will seek opportunities to engage with Australian regulators to ensure adequate compliance of any new technologies. Given the dynamics occurring with blockchain, globalisation, emergence of cryptocurrencies etc it is important that Libra works within the existing rules/structures to bring trust in its objectives,” said Mr Behncke.
The objectives of Libra are shown succinctly with a quote from David Marcus who was recently elected to Libra Council’s board of directors. He summarises the mission for Libra in his July 2019 testimony at a hearing before a US Senate Committee on Banking, Housing, and Urban Affairs.
“Libra is designed to be a digitally native currency that can be used around the world. Libra brings together attributes of the world’s best currencies: stability, low inflation, wide usability, and fungibility. Technology innovations have given people tools to connect and communicate. But while people can send each other texts, videos, and photos, in many cases they cannot easily move value between one another … Libra is a payment tool, not an investment. People will not buy it to hold like they would a stock or a bond, expecting it to pay income or increase in value. Instead, Libra is like cash. People will use it to send money to family members in other countries, for example, or to make purchases …”