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Mastercard, Visa, others exit Facebook's Libra project

2019-10-11 18:20 by
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Facebook's cryptocurrency project suffers massive blow as more companies withdraw from Libra. Online marketplace eBay, payments provider Stripe, and financial services giants Visa and Mastercard all said they're no longer participating in the Libra Association, the nonprofit overseeing the project. Their move follows the withdrawal of PayPal, announced last week.

A Stripe spokesperson said in a statement that the company "is supportive of projects that aim to make online commerce more accessible for people around the world." Stripe will "remain open to working with the Libra Association at a later stage," the spokesperson said.

"Visa has decided not to join the Libra Association at this time," a Visa spokesperson said. "We will continue to evaluate and our ultimate decision will be determined by a number of factors, including the Association's ability to fully satisfy all requisite regulatory expectations."

Libra is a proposed global digital coin that will be managed by the Libra Association, a de facto monetary authority that Facebook hoped would have as many as 100 partners by the time it's scheduled launch next year. The members were expected to run nodes to help facilitate transactions on the Libra network, and pony up $10 million to get Libra going. Some of the initial members include Uber, Coinbase, Lyft and Spotify.

The Libra Association is scheduled to have its first official meeting next week, where the remaining 23 members – which include both Facebook and its subsidiary Calibra – are supposed to sign the group's charter. A Facebook spokesperson confirmed Friday that the meeting is still taking place as planned.

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