A week ago we covered a Wall Street Journal article highlighting potential trouble for Facebook’s Libra cryptocurrency, as multiple backers were reconsidering their commitment to the project. Fast-forward a week and things have only gone from bad to worse. As Bloomberg reports, PayPal was the first to announce they were leaving on October 6, with […]
Facebook Libra Backers Back Out Read More »
There’s a strategic cost to the defection of Visa, Stripe, eBay, and more from the Facebook-led cryptocurrency Libra Association. They’re not just names dropping off a list. Each potentially made Libra more useful, ubiquitous, or reputable. Now they could become obstacles to the token’s launch or growth. Fearing regulators’ inquiries not just into their Libra
Why each Libra member’s mutiny hurts Facebook – TechCrunch Read More »
The floodgates opened today on Facebook Inc.’s Libra Association as no fewer than five more companies exited the group overseeing the social network’s proposed cryptocurrency: Mastercard Inc., Visa Inc., eBay Inc., Stripe Inc. and Mercado Pago. Reports that some companies were looking to withdraw their support from Libra surfaced Oct. 1, with PayPal Holdings Inc. becoming the first to
As part of that, the social network said, it had more than 27 corporate partners — including PayPal, Visa, Mastercard and companies like Uber — that had pledged to support the project. The partners are important because Libra will be controlled not by the social network but by a broad network of corporations, Facebook said.
Facebook’s Libra Cryptocurrency Faces Exodus of Partners Read More »
(Reuters) — Facebook’s ambitious efforts to establish a global digital currency called Libra suffered severe setbacks on Friday, as major payment companies including Mastercard and Visa quit the group behind the project. The two companies announced they would leave the association Friday afternoon, as did eBay, Stripe, and Latin American payments company Mercado Pago. They
eBay, Stripe, Mastercard, and Visa leave Facebook’s Libra Association Read More »
Image copyright Getty Images Image caption Facebook had said it hoped to launch Libra in 2020 Mastercard, Visa, eBay and payments firm Stripe have pulled out of Facebook’s embattled cryptocurrency project, Libra. Their move, first reported in the Financial Times, follows the withdrawal of PayPal, announced last week. It represents a huge blow to the
Payments giants abandon Facebook’s Libra cryptocurrency Read More »
SAN FRANCISCO — PayPal said on Friday that it had pulled out of the coalition of companies involved in a Facebook-backed cryptocurrency initiative, in the latest headache for the social network’s effort. The proposed cryptocurrency, Libra, has been in the works at Facebook for more than a year and was announced to much fanfare in
PayPal Pulls Out of Libra, Facebook’s Cryptocurrency Project Read More »
WASHINGTON (Reuters) – U.S. payments processor PayPal Holdings Inc (PYPL.O) said on Friday it was leaving Libra Association, the entity managing the Facebook-led effort to build global digital currency Libra, making it the first member to exit the group. FILE PHOTO: Small toy figures are seen on representations of virtual currency in front of the
PayPal becomes first member to exit Facebook’s Libra Association Read More »
Image copyright Getty Images Image caption PayPal was one of the first companies to join Facebook’s planned cryptocurrency network Payments firm PayPal has become the first company to pull out of an alliance that is trying to launch Facebook’s digital currency Libra. PayPal made the announcement in a statement on Friday, but did not specify
Libra: PayPal first to drop out of Facebook cryptocurrency Read More »
tech2 News StaffOct 05, 2019 09:43:50 IST PayPal has pulled out of Facebook’s digital currency project, known as Libra, a blow to the social media company that has faced stronger-than-expected scrutiny over its proposed creation of an alternative payment system. Facebook Libra. Image: Reuters. The digital payments company said Friday it is withdrawing from the
