Despite some major firms pulling out from the project, Facebook and 20 other organizations have formally merged with the digital currency Libra project in Geneva on Monday.

As per the reports, these organisations signed the charter for the Libra Association, which also formed a council aimed to govern the group.

The Libra Association claimed that over 1500 entities expressed their interest in joining the e-currency project.

Seven primary Facebook partners have dropped out of the project along with various other companies like Paypal, Visa, Mastercard, and eBay have pulled out from the project. It appears that these giants are trying to avoid the scrutiny of the US regulators.

The backout takes at a time when the social networking site CEO, Mark Zuckerberg, is set to testify before the US House of Representatives on October 23 to discuss their concerns over ‘Libra’.

In July, Congresswoman Maxine Waters (D-CA), Chairwoman of the committee issued a letter to the social networking giant, requesting an immediate moratorium on the implementation of Facebook’s proposed cryptocurrency, Libra, and digital wallet, Calibra.

(With input from agencies)