EBay, Stripe join PayPal in exiting Facebook’s cryptocurrency Libra

More setbacks amid major backer exodus.

Facebook’s efforts to establish a global digital currency called Libra suffered several setbacks on Friday as EBay Inc , Stripe Inc, and Mastercard all announced they were leaving the Libra Association, a group of companies aiding Facebook’s efforts to establish the project.

The companies join Paypal Holdings Inc which exited the group just a week ago.

“We highly respect the vision of the Libra Association; however, eBay has made the decision to not move forward as a founding member,” EBay said in a statement.

The Libra Association confirmed the exits of EBay and Stripe. Mastercard’s exit was reported by the Wall Street Journal.

Facebook announced plans to launch the digital currency in June 2020 in partnership with other members of Libra Association, but the project quickly ran into trouble with sceptical regulators around the world.

France and Germany last month pledged to block Libra from operating in Europe and backed the development of a public cryptocurrency instead.

“We look forward to the inaugural Libra Association Council meeting in just 3 days and announcing the initial members of the Libra Association,” said Dante Disparte, head of policy and communication for the Libra Association.

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EBay, Stripe join PayPal in exiting Facebook’s cryptocurrency Libra

More setbacks amid major backer exodus.

Facebook’s efforts to establish a global digital currency called Libra suffered several setbacks on Friday as EBay Inc , Stripe Inc, and Mastercard all announced they were leaving the Libra Association, a group of companies aiding Facebook’s efforts to establish the project.

The companies join Paypal Holdings Inc which exited the group just a week ago.

“We highly respect the vision of the Libra Association; however, eBay has made the decision to not move forward as a founding member,” EBay said in a statement.

The Libra Association confirmed the exits of EBay and Stripe. Mastercard’s exit was reported by the Wall Street Journal.

Facebook announced plans to launch the digital currency in June 2020 in partnership with other members of Libra Association, but the project quickly ran into trouble with sceptical regulators around the world.

France and Germany last month pledged to block Libra from operating in Europe and backed the development of a public cryptocurrency instead.

“We look forward to the inaugural Libra Association Council meeting in just 3 days and announcing the initial members of the Libra Association,” said Dante Disparte, head of policy and communication for the Libra Association.

Got a news tip for our journalists? Share it with us anonymously here.

View the Original article