Mastercard, Visa, EBay, Others Exit Facebook's Libra Coin Project

Mastercard Visa others exit Facebook's Libra project

An eBay sign is seen at an office building in San Jose CaliforniaMore

After PayPal's departure last week, Facebook did not waver in its support of Libra and is unlikely to do so, at least in the immediate future.

"We appreciate Stripe, Mastercard and eBay's support for the goals and mission of the Libra project", he said. "We are focused on rolling out eBay's managed payments experience for our customers".

With these withdrawals, Libra is left with no major USA payment processor. But the statements of Mr. Alfred Kelly -Visa Chairman and CEO- clarifying that "no one has yet officially joined (Libra)" marked another hard blow to the credibility of the project, especially considering that Kelly himself conditioned Visa's entry to "the ability of the association to satisfy all the requisite regulatory requirements".

Libra chief David Marcus in a tweet thanked Visa and Mastercard "for sticking it out until the 11th hour".

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Now Visa, Mastercard, eBay, Stripe and Mercado Pago have also withdrawn from the Libra Association.

The Libra Association still has 21 members that have yet to leave (not including Facebook), but the fact that four companies have parted ways in just a week is anything but a good sign. But it ended on an upbeat noted, pointing toward the first Libra Council meeting, to be held on Monday.

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France and Germany have vowed to block Libra altogether.

The 28 companies announced in June technically are provisional partners which means they likely did not pay the $10 million to join the association. With this intensified regulatory pressure on Libra, it doesn't come as a surprise that these companies have made a decision to exit Libra.

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PayPal bailed last Friday, and now eBay, Mastercard, and Stripe are tripping over each other on their way out the door.

The three companies chose departure.

The concern about Libra meeting regulatory guidelines is especially pertinent as Facebook founder Mark Zuckerberg is set to testify in front of the U.S. House Committee on Financial Services on October 23rd. Yet, this upcoming hearing will be his first appearance before Congress since previous year April.

Facebook has faced fierce backlash since the company announced plans for Libra.

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Libra Association confirmed that the companies would no longer be founding members, but said that it would continue building an alliance of businesses, social-good organizations, and others to implement the cryptocurrency.

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