Facebook’s Libra cryptocurrency lead fires back at Wall Street Journal report

The Wall Street Journal report second thoughts from big payment companies on the cryptocurrency

Also notable is the lack of public support from Facebook's Libra partners.

FT didn't name any of the companies, but Visa and Mastercard, per the Journal report, are the most obvious ones.

"I can tell you that we're very calmly and confidently working through the legitimate concerns that Libra has raised by bringing conversations about the value of digital currencies to the forefront", Marcus added.

Dante Disparte, a member of the Libra Association, has said the organization is committed to protecting people's data. According to sources familiar with the matter, four global payment giants in the Libra Association - PayPal, Visa, MasterCard and Stripe - are having doubts on the success of Libra, Facebook's cryptocurrency. It's unclear whether this means all 22 partners that were listed at Libra's launch in June, and Marcus said in the same Twitter thread that he has "no knowledge of specific organizations [sic] plans to not step up".

Seeking to reassure investors as well as partners, Marcus said in his Tweet that it would be a "long journey" and courage would be required. The option to delay the payment reflects the association's strategy to move the libra project forward in baby steps, the people said.

As part of signing on to be a paid-up member, which could happen as soon as 14 October, the companies would have to pay $10 million and act as nodes for the blockchain network which Libra will run on top of.

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"Nothing has changed with our involvement with Libra since we came on to participate", a Stripe spokesman said. "We agreed to work on the charter with these other participants. We're still actively involved".

Meanwhile, technology development of Libra is moving along faster than expected, per the report. Facebook CEO Mark Zuckerberg last month told senators that the currency wouldn't launch anywhere in the world without USA regulators' blessing.

Their reluctance has Facebook scrambling to keep Libra on track.

Regulatory pressure has been far more extreme than many would have imagined, beginning with the US calling Facebook to a Senate hearing to discuss their plans and relay the fact that the company could not create its own currency.

In an email to Business Insider, Dante Disparte, head of policy at communications at the Libra Association said that, at this time, all of the initial 28 backers are still participating in the project and that it is now working to draft a charter to establish the guiding principles.

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