Visa, EBay, Stripe and Mastercard Abandon Facebook’s Libra Project

Crypto Credit Lines Sponsored   Crypto 1 minBreaking Visa Mastercard eBay Stripe All Leave Libra Nick Chong 1 min ago

PayPal was the first major partner to withdraw from the organization on October 4.

Facebook has faced substantial criticism since the summer when it unveiled plans to create a separate, private currency system to allow users to make cross-border payments more easily. Initially, there were 28 startups behind Libra's development, although they assured that the number would grow to close to 100 members as the year passed.

Notably, none of these five companies have rejected the possibility of working with the Libra Association in the future. Even President Donald Trump weighed in, tweeting that Facebook should be subject to USA banking laws if the Libra project were to move forward.

The Libra Association is composed of about two dozen organizations, including Facebook.

The impact of Libra's loss of Visa and Mastercard can not be understated. The cryptocurrency would be run out of Geneva by the organizations that comprised the Libra Association, not exclusively by Facebook.

Shortly after this news, popular Twitter influencer in the cryptocurrency space, @APompliano, shared that Visa and MasterCard have withdrawn from the project as well.

But both Visa and Mastercard made it clear from the onset that their interest in Libra was at least partly out of curiosity.

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The original list of founding members was cut to 23 factoring in the departures from the group on Friday. But the statements of Mr. Alfred Kelly -Visa Chairman and CEO- clarifying that "no one has yet officially joined (Libra)" marked another hard blow to the credibility of the project, especially considering that Kelly himself conditioned Visa's entry to "the ability of the association to satisfy all the requisite regulatory requirements".

This string of news comes only days after Mark Zuckerberg announced he would appear before the House Financial Services Committee on October 23 at 10 a.m. ET. That committee is chaired by Rep. Maxine Waters, D-California, who has been an ardent critic of Libra from its onset. Several other large companies have announced their departures from Libra.

Libra, meanwhile, said it plans to soldier on.

Chairwoman of the committee sent a letter to Facebook requesting an immediate moratorium on the implementation of Facebook's proposed cryptocurrency, Libra, and digital wallet, Calibra.

The move comes just a week after PayPal announced its withdrawal from the Geneva-based Libra Association, which is charged with managing the Facebook-led global currency.

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

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