Libra Suffers Heavy Blows: Visa, eBay And Mastercard Quit

Libra suffers heavy blows after in less than two hours Visa, eBay, Mastercard, and Stripe have all left the project as we are about to read more in the Libra coin news today.

In a span of an hour or two, the reports show that Facebook’s crypto project Libra suffers heavy blows and it first started on Friday morning when the Financial Times revealed that the e-commerce/online giant eBay and Stripe which is also a fintech giant have both dropped out of the Libra Association. An eBay spokesperson talked with the media outlet and explained that while the company ‘’respects the vision of Libra’’, the American company will not be joining into the participation in the Association noting a focus on ‘’rolling out eBay’s managed payments experience for our customers.’’

Stripe made a similar comment saying that they are ‘’supportive of projects that aim to make online commerce more accessible for people’’ but they will also not participate in the Association and support Facebook’s backed crypto project at this time. in less than an hour after both of the giants made their statements, Visa and Mastercard which are seen in the community as the most important partners of Libra, also revealed that they will step down from their membership. In their own comment, Visa stated that Libra failed to fully satisfy the regulatory expectations.

For now, the further development of Libra has stopped. It still remains to be seen if this is the end of the crypto project. The entire project has created controversy with lawmakers all over the world ever since its inception. The common narrative around the project is that it apparently takes power over money away from governments. As seen in the previous blockchain news, PayPal was also among the companies that left the project.  PayPal did not attend the meetings of the backers of the project and there were rumors that they left the association. The company stated a while after:

 “We remain supportive of Libra’s aspirations and look forward to continued dialogue on ways to work together in the future. Facebook has been a longstanding and valued strategic partner to PayPal, and we will continue to partner with and support Facebook in various capacities.”