Facebook was blindsided when companies including EBay, PayPal and Visa stepped back from its Libra digital currency project, leaving its future hanging in the balance.
As one scandal after another has chipped away at trust in his company over the past three years, Facebook CEO Mark Zuckerberg has adopted a public pose of penitence, promising to take more responsibility for its power and put users’ privacy at the center of its products.
But even the remaining members are shaky, with some expressing reservations and monitoring for future disruptions. “The dominoes are falling,” one current member said. One person closely involved with Libra said they believed early conversations with the U.S. Treasury about the project had been “pretty good” and that some sizable banks were among the more than 1,500 organizations that have expressed interest in signing up as Libra partners in future. According to Libra, 180 of those meet the criteria for potentially becoming a member.
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