Facebook Libra loses support from Visa, Mastercard, eBay, and Stripe
What you need to know
- Facebook's Libra Association has lost four more of its founding members.
- This time around, Visa, Mastercard, eBay, and Stripe are pulling their support.
- A week prior, PayPal dropped out of the group.
The idea of a Facebook-lead cryptocurrency raised a lot of eyebrows when it was first announced in June, though support from a laundry list of well-established companies gave it a feeling of legitimacy it would have otherwise lacked. However, that initial support is quickly starting to fade away.
On October 4, PayPal announced that it was leaving Facebook's Libra Association to focus on its own business ventures. Now, reports from The Verge, Financial Times and Bloomberg reveal that Visa, Mastercard, eBay, and Stripe are also leaving the group.
While Mastercard has yet to offer any comment regarding the news, Visa, eBay, and Stripe have spoken out. Starting first with Visa:
As for Stripe's stance on things:
Losing four of its founding members certainly doesn't bode well for Libra's future, especially considering that Facebook doesn't plan on launching it until sometime during the first half of 2020. On top of that, these announcements are coming out just a matter of days before Facebook holds its first meeting for the Libra Association on October 14.
Dante Disparte, Libra Association Policy Chief, responded to the news as well, saying:
The Libra Association still has 21 members that have yet to leave (not including Facebook), but the fact that four companies have parted ways in just a week is anything but a good sign. Notable brands like Vodafone, Coinbase, and Spotify remain, but it doesn't seem unlikely that more departures could be announced in the coming weeks and months. Furthermore, with Mastercard and Visa now both out of the picture, Libra no longer has any support from a payment processor.
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When Joe isn't acting as the News Editor for Android Central, he can be found helping out with articles here and there at iMore. He was last spotted at Starbucks surrounded by peppermint mochas. Have a tip? Send an email to firstname.lastname@example.org!