Facebook's cryptocurrency Libra is in crisis as Mastercard, Visa, eBay exit

OpenLibra ICO

"At this time, we are focused on rolling out eBay's managed payments experience for our customers".

Recently we got to know that PayPal pulled out of the Libra Association and will no longer be a founding member of the cryptocurrency.

United States lawmakers have attacked Facebook on its Libra project, calling it "delusional" and "dangerous".

Facebook Inc.'s effort to create a cryptocurrency was dealt a blow on Friday after several key partners, including Mastercard Inc., Visa Inc., EBay Inc., Stripe Inc. and Mercado Pago, abandoned the project.

Stripe made a similar comment, telling the FT that it is "supportive of projects that aim to make online commerce more accessible for people", but will not be moving forward with the Facebook-backed crypto project at this time.

Last week, digital payments firm PayPal said it was quitting the alliance of companies and organizations promoting Libra.

The companies join PayPal Holdings Inc which exited the Libra Association just a week ago, as global regulators continue to air concerns about the project.


"Although the makeup of the Association members may grow and change over time, the design principle of Libra's governance and technology, along with the open nature of this project ensures the Libra payment network will remain resilient". "We look forward to the inaugural Libra Association Council meeting in just 3 days and announcing the initial members of the Libra Association".

Facebook announced Libra this June and pointed to a whole slew of partners set to run nodes on the Libra blockchain. The Libra Association has scheduled a meeting to nominate the board of the project next week.

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".

The Libra Association is composed of about two dozen organizations, including Facebook.

"If you take this on, you can expect a high level of scrutiny from regulators not only on Libra-related payment activities, but on all activities", Senator Sherrod Brown and fellow Democratic Senator Brian Schatz wrote in the letters.

Almost every payment firm that initially agreed to join Facebook's cryptocurrency Libra has backed out, in a potentially fatal blow to the social network's plan for a worldwide digital currency.

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