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

Likewise, a Stripe spokesperson kindly wrote, "Stripe is supportive of projects that aim to make online commerce more accessible for people around the world. We are focused on rolling out eBay's managed payments experience for our customers".

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".

"Visa has decided not to join the Libra Association at this time", a Visa company spokesperson said in a statement to ZDNet. David Marcus, co-creator of Libra said he respected the companies' decision, but downplayed their withdrawal.

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.

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Also, apparently, on Monday (October 14), the Libra Association intends to hold a meeting of the founding members in Geneva, Switzerland, to ask them to formally commit to the project by signing a charter agreement. France and Germany both stated last month that they would attempt to block Libra from operating in Europe, saying it posed risks to European Union states' sovereignty.

Why Did Five Major Backers Ditch Libra In Quick Succession?

The decision by eBay, Stripe, and Mastercard comes just a week after PayPal's departure from the project.

The 28 companies announced in June technically are provisional partners which means they likely did not pay the $10 million to join the association.

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Losing four of its founding members certainly doesn't bode well for Libra's future, especially considering that Facebook doesn't plan on launching it until sometime during the first half of 2020.

The three companies chose departure.

PayPal also dropped out of talks to work with Facebook on Libra last week.

US lawmakers expressed skepticism when Facebook discussed its plans for Libra during a July Senate hearing.

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Libra faced intense criticism and questioning by House and Senate committees back in July, and lawmakers have implored Facebook to cease development of Libra until further notice. Yet, this upcoming hearing will be his first appearance before Congress since past year April. Other companies that have not signaled plans to leave include Uber Technologies Inc., Spotify Technology S.A., Coinbase Inc. and telecom providers Iliad SA and Vodafone Group Plc.

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