Facebook Libra | Visa, Mastercard, Stripe And Others Exit Crypto Project

Facebook Libra | Visa, Mastercard, Stripe And Others Exit Crypto Project
The Facebook planned crypto project, 'Libra' is currently facing a big blow as top partners like Visa, Mastercard, Stripe and Mercado Pago abandon the project.
Recall that we earlier reported that top payment gateway, PayPal became the first partner to abandon the project. The defections followed fierce criticism from global regulators and lawmakers. It leaves many questioning on the Libra program's chances of surviving in the financial world.

The news comes days before the Libra Association, the group that will oversee the digital currency, prepares to convene its members and ask them to sign a charter agreement. The meeting is slated to take place on Monday in Geneva. A Libra Association spokeswoman said on Friday that the gathering will proceed as planned, and that it would announce the first list of official partners once a formal charter is signed.

The latest exodus leaves the Libra Association without any remaining major payments companies as members, meaning it can no longer count on a global player to help consumers turn their currency into Libra and facilitate transactions.

The remaining association members, including Vodafone and Lyft, consist mainly of venture capital, telecommunications, blockchain and technology companies, as well as nonprofit groups.

In reply to the latest development, the Facebook’s head of the project and former PayPal executive, David Marcus cautioned on Twitter against “reading the fate of Libra into this update,” although he acknowledged “it’s not great news in the short term.
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Source: Reuters.com, Bloomberg.com
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