Published: Sat, October 12, 2019
Global News | By Blake Casey

Mastercard, Visa, eBay, Stripe drop out of Facebook's Libra project

Mastercard, Visa, eBay, Stripe drop out of Facebook's Libra project

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

Just this week, US Senators Brian Schatz of Hawaii and Sherrod Brown of OH sent letters to the CEOs of Visa, Stripe, and Mastercard expressing "deep concerns" about Libra and warning them that their companies could face stricter regulatory scrutiny because of their involvement in the project.

A Stripe spokesperson gave a similar statement to ZDNet: "Stripe is supportive of projects that aim to make online commerce more accessible for people around the world".

Another major partner, Visa, has also been reportedly "reconsidering" its role in the nonprofit organization charged with running Libra, according to the Wall Street Journal.

On October 4, PayPal announced that it was leaving Facebook's Libra Association to focus on its own business ventures. "We believe there are potential benefits in such initiatives and will continue to monitor the Libra effort".

"Visa has decided not to join the Libra Association at this time", the company said in a statement.

Facebook announced Libra back in June, explaining that it meant to roll out a digital coin in 2020.

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This time around, Visa, Mastercard, eBay, and Stripe are pulling their support.

The two companies announced they would leave the association Friday afternoon, as did EBay Inc EBAY.O , Stripe Inc. and Latin American payments company Mercado Pago.

We are focused on moving forward and continuing to build a strong association of some of the world's leading enterprises, social impact organizations and other stakeholders.

It first started on Friday morning, with the Financial Times revealing that both eBay, the e-commerce/online marketplace giant, and Stripe, a fintech giant, have dropped out of the Libra Association.

Libra chief David Marcus in a tweet thanked Visa and Mastercard "for sticking it out until the 11th hour". And Facebook CEO Mark Zuckerberg is scheduled to testify about Libra in front of the House Financial Services Committee on October 23.

"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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