Visa, EBay, Stripe and Mastercard Walked Away From Libra

By Daniel T. | October 13, 2019

Visa, eBay, Stripe and Mastercard are new latest big names that have made a decision to walk out from Facebook’s Libra Association, and its associated project Libra. 

Reported by Bloomberg on October 11, Ebay, Stripe and Mastercard have all made a move to leave the Facebook’s Libra cryptocurrency project. Only minutes later, Visa has also joined the pack, deciding to drop the project. 

The news followed the announcement made a week prior, regarding the payment processor PayPal canceling its membership in the Association, due to worries regarding regulatory scrutiny. 

The firm claimed to have respect for what Facebook is trying to achieve, and that it can see the possible future benefits, but have decided to concentrate on something else for the moment. 

Previously, news broke that Visa, Mastercard and Stripe have been putting efforts out to make sure that Libra í not causing any harm to their relationships with regulators. The 3 heavyweights hinted that Facebook has not been aware of the scope of its claim, that lawmakers find themselves comfortable with Libra. 

“Stripe is supportive of projects that aim to make online commerce more accessible to people around the world. Libra has this potential. We will follow its progress closely and remain open to working with the Libra Association at a later stage.” Stripe claimed after rumored to be leaving as well. 

Brian Armstrong – founder and current head of US-based crypto exchange heavyweight Coinbase – reportedly hoped that US officials will have a second thoughts about their “ridiculous” mindset towards Libra, now that a similar project by China appeared.

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