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Facebook’s Libra Association crumbling as Mastercard, Stripe, and eBay exit

The Verge Friday, 11 October 2019 ()
Facebook’s Libra Association crumbling as Mastercard, Stripe, and eBay exitIllustration by William Joel / The Verge

Mastercard, eBay, and Stripe have all withdrawn from the Libra Association, dealing a major blow to Facebook’s plans for a distributed, global cryptocurrency. The withdrawals were first reported by the Financial Times and Bloomberg.

Mastercard, eBay, and Stripe backed out just one week after PayPal (eBay’s former parent company) withdrew from the association. The move also comes just days before the first official meeting of the Libra Association, scheduled for October 14th in Geneva, which will likely result in more specific commitments from all the members involved. Still, the defections leave Libra in a precarious place as they hope to move beyond initial criticisms of the project.

"“We highly respect the vision of the Libra..."
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Credit: Cheddar Inc. - Published < > Embed
News video: Visa, Mastercard, Stripe Have Left Libra, but Facebook's Digital Coin Isn't Dead Yet

Visa, Mastercard, Stripe Have Left Libra, but Facebook's Digital Coin Isn't Dead Yet 04:52

In recent weeks, PayPal, Visa, Mastercard, Stripe, eBay, and South American payment platform Mercado Pago have announced that they were dropping out of Facebook's digital currency effort.

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