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22 October 2019

Visa, Mastercard, Ebay, Stripe Join Paypal in Leaving Libra - Bitcoin News

Visa, Mastercard, Ebay, Stripe Join Paypal in Leaving Libra - Bitcoin News


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Most payment companies have now pulled out of Facebook’s Libra project.

Visa, Mastercard, Stripe, and Ebay announced Friday that they will no longer be part of Facebook’s Libra project at this time.

Another payment-related firm, Mercado Pago, has also pulled out, leaving only the Netherlands-based Payu as the only payment firm left in the Libra Association.

Likewise, a spokesperson for Stripe said that “Libra has this potential … We will follow its progress closely and remain open to working with the Libra Association at a later stage.”.

The Libra Association immediately responded to the exodus of major payment firms: “Although the makeup of the association members may grow and change over time, the design principle of Libra’s governance and technology, along with the open nature of this project ensures the Libra payment network will remain resilient.” The inaugural Libra Association council meeting is due to take place in three days when the initial members of the association will be announced.

Prior to the announcements by Visa, Mastercard, and Stripe, two Democratic senators cautioned the companies to be wary of “a project that will foreseeably fuel the growth in global criminal activity.” In a letter to them, Senator Sherrod Brown and Senator Brian Schatz wrote, “If you take this on, you can expect a high level of scrutiny from regulators not only on Libra-related payment activities, but on all activities.”.

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