EBay and Stripe leave Facebook led digital currency Libra

  • EBay and Stripe leave Facebook led digital currency Libra

EBay and Stripe leave Facebook led digital currency Libra

Stripe also said it would follow the progress of Libra and remain open to working with the association at a later date.

Three days earlier, a pair of senior Democratic senators wrote to Visa, Mastercard and Stripe, telling them to be wary of "a project that will forseeably fuel the growth in global criminal activity".

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".

Libra, meanwhile, said it plans to soldier on.

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.

Facebook announced plans to launch the digital currency in June 2020 in partnership with other Libra Association members. Some nations have even planned to reject it outright.

A Stripe spokesperson gave a similar statement to ZDNet: "Stripe is supportive of projects that aim to make online commerce more accessible for people around the world". Libra has this potential.

"We appreciate Stripe and eBay's support for the goals and mission of the Libra project", Facebook's Dante Disparte, head of Policy and Communication for the Libra Association, told Business Insider in a statement.

Facebook Inc's FB.O ambitious efforts to establish a global digital currency called Libra suffered severe setbacks on Friday, as major payment companies including Mastercard MA.N and Visa Inc V.N quit the group behind the project.

Visa has confirmed it is exiting the crypto-dosh for now.

Almost every payment firm that initially agreed to join Facebook's cryptocurrency Libra has backed out, in a potentially fatal blow to the social network's plan for a worldwide digital currency. In their own comment, Visa cited Libra's inability to "fully satisfy all requisite regulatory expectations".