Most payment companies have now pulled out of Facebook’s Libra project. Visa, Mastercard, Ebay, and Stripe have followed Paypal in dropping out of the project amid regulatory concerns. The Libra Association has responded to the exodus of these companies. David Marcus, who is in charge of the project, calls it “liberating.”
Also read: European Countries Step Up Response to Facebook’s Libra
Libra Losing Support of Major Companies
Visa, Mastercard, Stripe, and Ebay announced Friday that they will no longer be part of Facebook’s Libra project at this time. The move follows Paypal’s announcement last week to drop out of the project. Another payment-related firm, Mercado Pago, has also pulled out, leaving only the Netherlands-based Payu as the only payment firm left in the Libra Association. Mercado Pago primarily serves Latin America.
The remaining members of the Libra Association are mostly venture capital, telecom, blockchain, technology, and nonprofit groups.
The Libra Association is an independent nonprofit organization headquartered in Geneva, Switzerland, with offices in California’s Bay Area. Its members are each validator nodes that operate the Libra blockchain, the project’s website details.