Facebook’s libra cryptocurrency coalition is falling apart as eBay, Visa, Mastercard, and Stripe jump ship.
The backers abandoning the project may have found safety in numbers after PayPal announced its exit last week. News that eBay, Stripe and Mastercard were each dropping out quickly followed one another Friday afternoon, indicating all three had likely been thinking about leaving during the same period. The decisions come ahead of a planned Libra Association Council meeting on Oct. 14. A week later, libra's cryptocurrency project will take center stage in front of U.S.
The Libra Association, the nonprofit in charge of managing the cryptocurrency, said Friday afternoon it is still looking to move forward. In a statement, policy and communication head Dante Disparte said, "We are focused on moving forward and continuing to build a strong association of some of the world's leading enterprises, social impact organizations and other stakeholders to achieve a safe, transparent, and consumer-friendly implementation of a global payment system that breaks down financial barriers for billions of people.
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