Week after PayPal, Libra loses Visa, MasterCard, eBay and others

Facebook Libra

eBay, Visa and Mastercard pull out of Facebook's Libra cryptocurrency

In addition to PayPal, eBay, and Stripe, it was reported on Friday afternoon that three more partners, Mastercard, Visa, and Mercado Pago, have also pulled their support from the project, casting Libra into further peril. Payment processing company Stripe said it was stepping back, as well as online auction company eBay. The departures follow PayPal's withdrawal from Libra, a week earlier.

Facebook's Libra association is leaking members like a sieve.

The latest exodus leaves the Libra Association without any remaining major payments companies as members, meaning it can no longer count on a global player to help consumers turn their currency into Libra and facilitate transactions.

Shadow of a 3D-printed Facebook Libra cryptocurrency logo is seen near cryptocurrency representation in this illustration.

"We will continue to evaluate and our ultimate decision will be determined by a number of factors, including the association's ability to fully satisfy all requisite regulatory expectations", Visa said. "We look forward to the first Libra Council meeting.and will be sharing updates following that, including details of the 1,500 entities that have indicated enthusiastic interest to participate".

This now makes six of the original 28 founding members pulling out, threatening to hamper an ambitious project by Facebook to remodel global finance even before it hits the ground running.

"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", he said.

The Libra Association's remaining partners, including Uber, Spotify, and Coinbase, plan to gather next week in Geneva, Switzerland, to appoint a board of directors for the group.

As the Libra's backing slowly crumbles, CEO Mark Zuckerberg is set to testify in front of Congress on 23 October.

Facebook has faced fierce backlash since the company announced plans for Libra. France and Germany both stated last month that they would attempt to block Libra from operating in Europe, saying it posed risks to European Union states' sovereignty. The news comes just days after PayPal backed out of the project and follows months of scrutiny from regulators worldwide. "We recognize that change is hard, and that each organization that started this journey will have to make its own assessment of risks and rewards of being committed to seeing through the change that Libra promises".

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