SAN FRANCISCO — Nonprofits put their reputations on the line when they decided to join the Libra Association, the independent nonprofit entity that will handle the design and release of the new global cryptocurrency Facebook has been working on for more than a year.
Mercy Corps, Women’s World Banking, and Kiva knew they would face questions on why they think Facebook, which has come under scrutiny for its mishandling of user data, can be trusted.
But the benefits of partnership in areas including financial inclusion outweighed the risks, whether real or perceived, said Ric Shreves, director of emerging technology at Mercy Corps.