PayPal spokesperson claimed that the firm will stay in cautious mode regarding Facebook’s Libra, as reported by Agence France Press (AFP) on September 14.
Specifically, Gabrielle Rabinovitch – VP of PayPal investor relations – has reportedly highlighted that the membership status of the online payment giant in the Libra Association will be in the form of a “non-binding commitment”.
“Obviously, I think there’s a lot of work to happen before we get to that point where it [Libra] becomes something more than just a very exciting idea.”
The Libra Association is a non-profit, independent association, formed with a primary goal is to manage the upcoming Libra network. 28 organizations have joined the association so far, including PayPal, Visa, Mastercard, Uber and Spotify – each needs to invest $10 million as entrance fee.
Despite the increasing negative concerns from regulators and alike, Rabinovitch claimed that in the long run, Paypal and Libra share the same common goal, which have been specified as “serving the underserved” and “democratizing access to capital.”
“So we very much believe in the potential of Libra,” She concluded.
Back in August this year, 3 of the confirmed organizations in the Libra network considered taking back their support, regarding the surrounding potential regulatory drawbacks of the project.