More companies back away from Facebook's Libra coin

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

Speaking to the outlet, an eBay spokesperson asserted that while the company "respects the vision of Libra", the American firm will not be moving ahead with its participation in the Association, citing a focus on " rolling out eBay's managed payments experience for our customers".

Per a recent revelation by Bloomberg and Financial Times, eBay, Stripe, and Mastercard have exited Facebook's controversial stablecoin project, Libra.

Soon after those two companies announced they were backing out of the Libra Association, the non-profit created to oversee the cryptocurrency, Mastercard and Visa followed suit.

After PayPal bowed out, the Libra Association tweeted, "We recognize that change is hard, and that each organization that started this journey will have to make its own assessment of risks and rewards of being committed to seeing through the change that Libra promises".

In a blow last week, PayPal announced to withdraw from the Libra Association - the 28-member non-profit organisation formed by the social networking giant for the global roll out of its digital cyrptocurrency next year. "We believe there are potential benefits in such initiatives and will continue to monitor the Libra effort". We will follow its progress closely and remain open to working with the Libra Association at a later stage.

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In the span of one week, four big corporate partners have backed out of Facebook's controversial plan to launch a digital currency called Libra. On top of that, these announcements are coming out just a matter of days before Facebook holds its first meeting for the Libra Association on October 14. The cryptocurrency would be run out of Geneva by the organizations that comprised the Libra Association, not exclusively by Facebook.

"Mastercard has decided it will not become a member of the Libra Association at this time", the company said in an emailed statement. Their initial agreement to join the Libra Association instantly gave Facebook's project legitimacy.

Facebook chief Mark Zuckerberg is set to testify October 23 hearing in the US House of Representatives on the Libra plan.

"Visa's continued interest in Libra stems from our belief that well-regulated blockchain-based networks could extend the value of secure digital payments to a greater number of people and places, particularly in emerging and developing markets".

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