EBay, Visa and Mastercard pull out of Facebook's Libra cryptocurrency

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After PayPal's departure last week, Facebook did not waver in its support of Libra and is unlikely to do so, at least in the immediate future.

"Stripe is supportive of projects that aim to make online commerce more accessible to people around the world".

In statements following their decision, the companies said that they were still interested in the cryptocurrency as a secure digital payment method, but have chosen to focus their resources on other projects for the time being. It remains to be seen if this is the end of the Libra Association's internal turmoil, as reports indicate that the ratification of the consortium's charter is rapidly approaching. "Libra has this potential", the company said in a statement. That implied that all the behemoth US-based payment processors had distanced themselves from the Libra association.

Libra chief David Marcus in a tweet thanked Visa and Mastercard "for sticking it out until the 11th hour".

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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.

The Libra Association still has 21 members that have yet to leave (not including Facebook), but the fact that four companies have parted ways in just a week is anything but a good sign.

The Libra Association is scheduled to meet in Geneva, Switzerland (where the association is incorporated) on Monday, Oct. 14 to appoint a board of directors and to announce official commitments from its founding member group, hence the flood of drop-outs.

Amid heavy regulatory scrutiny from governments around the world, Facebook's ambitious plans for Libra have begun to come apart at the seams.

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France and Germany last month pledged to block Libra from operating in Europe and backed the development of a public cryptocurrency instead. Some people inside the company think the defections are partly driven by established payments providers worrying about a new entrant encroaching on their turf, the person said.

Earlier this week, two U.S. senators cautioned Visa, Mastercard and Stripe to reconsider their involvement in the project.

Even though it has lost major backers, Facebook is clearly not ready to give up yet. In July, David Marcus, Facebook's lead on the project, was grilled by skeptical U.S. lawmakers.

Facebook has faced fierce backlash since the company announced plans for Libra.

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