Payment firms back out in painful blow to Facebook’s cryptocurrency Libra

Crypto Credit Lines Sponsored   Crypto 1 minBreaking Visa Mastercard eBay Stripe All Leave Libra Nick Chong 1 min ago

Crypto Credit Lines Sponsored Crypto 1 minBreaking Visa Mastercard eBay Stripe All Leave Libra Nick Chong 1 min ago

Ebay, Mastercard, and Stripe will no longer participate in the Libra Association, the group working to launch Facebook's proposed cryptocurrency, the Financial Times and Bloomberg reported on Friday. In a statement explaining their decision, eBay, Visa, and Stripe all said they respect and continue to have interest in Libra, but had chose to focus on other projects.

After PayPal's departure last week, Facebook did not waver in its support of Libra and is unlikely to do so, at least in the immediate future.

In statements following their decision, the companies said that they were still interested in the cryptocurrency as a secure digital payment method, but have chosen to focus their resources on other projects for the time being.

Likewise, a Stripe spokesperson kindly wrote, "Stripe is supportive of projects that aim to make online commerce more accessible for people around the world". He also stated that both the companies are waiting to get regulatory clarity for Libra before joining back in.

Shadow of a 3D-printed Facebook Libra cryptocurrency logo is seen near cryptocurrency representation in this illustration.

"We look forward to the inaugural Libra Association Council meeting", he added.

"We are focused on moving forward and continuing to build a strong association of some of the world's leading enterprises, social impact organizations and other stakeholders", he said. Mastercard, Visa, and Latin America payment giant Mercardo Pago are also reportedly pulling out, bringing the total number of Libra backers reportedly ejecting to six out of 28 initially supporting the project. The Libra Association, based in Switzerland, was supposed to give the currency project a comfortable arm's length distance from Facebook, which wouldn't own Libra.

Last week, digital payments firm PayPal said it was quitting the alliance of companies and organizations promoting Libra. France and Germany have vowed to block Libra altogether.

In message on Twitter posted Friday evening, Marcus said "the pressure has been intense", and that he respects Visa and Mastercard's decision to "wait until there's regulatory clarity for Libra to proceed". A Libra Association spokeswoman said on Friday that the gathering will proceed as planned, and that it would announce the first list of official partners once a formal charter is signed.

As the Libra's backing slowly crumbles, CEO Mark Zuckerberg is set to testify in front of Congress on 23 October.

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