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 […]
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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
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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
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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
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“In general, Libra is a force for good,” says PayPal Co-Founder and Affirm CEO Max Levchin. “It’s a really interesting experiment. I’m glad they’re doing it in a way that isn’t just Facebook because of all the headwind that Facebook has experienced with the regulators. There are many questions to ask about the practical applications.
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