Mastercard, Visa, eBay, Stripe pull out of Facebooks Libra crypto project

Monday 14 October 2019 10:32 CET | News

Mastercard, Visa, eBay and Stripe have abandoned Facebook’s embattled cryptocurrency project, Libra.

Their move follows the withdrawal of PayPal, announced at the beginning of October 2019. Mercado Pago, a payments company serving mostly Latin America, also pulled out. It means of the six payments-related businesses first involved in Libra, just one, PayU, remains. Netherlands-based PayU did not respond to the BBCs request for comment.

These announcements represent a huge blow to the social network’s plans to launch what it envisions as a global currency. So far, the project has drawn heavy scrutiny from regulators and politicians, particularly in the US.

Facebook chief executive Mark Zuckerberg will appear before the House Committee on Financial Services on October 23, 2019 to discuss Libra and its planned roll-out.

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Keywords: MasterCard, Visa, eBay, Stripe, Facebook, Libra, cryptocurrency, stablecoin, Libra Association
Countries: World

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