Visa, EBay, Stripe and Mastercard have all announced that they are dropping out of Facebook's Libra Association and its associated stablecoin project.
Four companies abandon shipOn Oct. 11, Bloomberg reported that Ebay, Stripe and Mastercard had decided to drop out of Facebook's Libra cryptocurrency project.
Within minutes, Visa said it had also decided not to join the Libra Association, according to The Block.
The news comes one week after payment processor PayPal announced its withdrawal from the Libra stablecoin project as regulators continue to scrutinize the project.
The companies have expressed respect for Facebook's vision and claim to see continued potential in the project, but chose to redirect their focus for the time being.
Cointelegraph previously reported that Visa, Mastercard and Stripe were trying to ensure that Facebook's crypto project wasn't harming their relationships with regulators.
The three payments giants hinted that Facebook had exaggerated claims that regulators were comfortable with Libra.
"Stripe is supportive of projects that aim to make online commerce more accessible for people around the world. Libra has this potential. We will follow its progress closely and remain open to working with the Libra Association at a later stage."
Coinbase CEO supports LibraBrian Armstrong, CEO and co-founder of major crypto exchange Coinbase, recently said that he believes that "The way the U.S. government reacted it's like they almost want to be left behind."
"The way for countries to remain relevant over the long term and continue to have high economic growth is to invest in science, technology, and innovation. If the government can help here, even better. But first it needs to do no harm."
Visa, EBay, Stripe and Mastercard Abandon Facebook's Libra Project
Published on Oct 11, 2019
by Cointele | Published on Coinage
Coinage
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.