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Home / Business / Visa, EBay, Stripe and Mastercard Abandon Facebook's Libra Project

Visa, EBay, Stripe and Mastercard Abandon Facebook's Libra Project



Visa, EBay, Stripe and Mastercard have all announced that they are dropping from Facebook's Libra Association and the associated Stabecoin project.

Four companies leave ship

11. In October, Bloomberg reported that Ebay, Stripe and Mastercard had decided to drop from 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 a week after payment processor PayPal announced its withdrawal from the Libra stablecoin project as regulators continue to review 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 did not harm their relationship with regulators. The three payment giants suggested that Facebook had exaggerated claims that regulators were comfortable with Libra. Stripe initially denied that it was considering a U-turn, but today said in a statement:

“Stripe supports projects aimed at making online commerce more accessible to people around the world. Libra has this potential. We will follow its progress closely and remain open to partner with the Libra Association at a later date. "

Coinbase CEO Supports Libra

Brian Armstrong, CEO and Co-founder of the Great Crypto Exchange Coinbase, recently said that he believes" the way the US government reacted, it's as if they almost want to be left behind . "

He also reiterated his concerns that the United States might be obsolete due to innovation impediment, adding:

"The way for countries to remain relevant in 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 does no harm. "

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