Visa, Mastercard, eBay, Stripe All Leave Facebook crypto project, Libra

Within the span of an hour or two, reports have revealed that Facebook crypto project, Libra, suffered some heavy blows.

It first started on Friday morning, with the Financial Times revealing that both eBay, the e-commerce/online marketplace giant, and Stripe, a fintech giant, have dropped out of the Facebook crypto project Libra Association.

Speaking to the outlet, an eBay spokesperson asserted that while the company “respects the vision of Libra”, the American firm will not be moving ahead with its participation in the Association, citing a focus on ” rolling out eBay’s managed payments experience for our customers.”

Within the hour or two after the FT’s revelatory report, both Mastercard and Visa — seen by many in the crypto community to be the Association’s two most important partners — also revealed that they will be rescending their membership. In their own comment, Visa cited Libra’s inability to “fully satisfy all requisite regulatory expectations.”

For now, the deluge of Libra leavers has stopped. It remains to be seen if this is the end of the Libra Association’s internal turmoil, as reports indicate that the ratification of the consortium’s charter is rapidly approaching.

Libra is a permissioned blockchain digital currency proposed by the American social media company Facebook. The currency and network do not yet exist, and only rudimentary experimental code has been released. The launch is planned to be in 2020. Wikipedia