A week ago we covered a Wall Street Journal article highlighting potential trouble for Facebook’s Libra cryptocurrency, as multiple backers were reconsidering their commitment to the project. Fast-forward a week and things have only gone from bad to worse. As Bloomberg reports, PayPal was the first to announce they were leaving on October 6, with […]
There’s a strategic cost to the defection of Visa, Stripe, eBay, and more from the Facebook-led cryptocurrency Libra Association. They’re not just names dropping off a list. Each potentially made Libra more useful, ubiquitous, or reputable. Now they could become obstacles to the token’s launch or growth. Fearing regulators’ inquiries not just into their Libra
Why each Libra member’s mutiny hurts Facebook – TechCrunch Read More »
The floodgates opened today on Facebook Inc.’s Libra Association as no fewer than five more companies exited the group overseeing the social network’s proposed cryptocurrency: Mastercard Inc., Visa Inc., eBay Inc., Stripe Inc. and Mercado Pago. Reports that some companies were looking to withdraw their support from Libra surfaced Oct. 1, with PayPal Holdings Inc. becoming the first to
(Reuters) — Facebook’s ambitious efforts to establish a global digital currency called Libra suffered severe setbacks on Friday, as major payment companies including Mastercard and Visa quit the group behind the project. The two companies announced they would leave the association Friday afternoon, as did eBay, Stripe, and Latin American payments company Mercado Pago. They
eBay, Stripe, Mastercard, and Visa leave Facebook’s Libra Association Read More »
The Wall Street Journal (WSJ) is reporting that financial backers of Facebook’s cryptocurrency, Libra, are having second thoughts. According to sources familiar with the situation, Visa and Mastercard—both members of the Libra Association created by Facebook to oversee the project—are having doubts about continuing to back the currency amid criticism from various governments. Neither of
Libra Currency Backers Reconsidering Involvement Read More »
