MasterCard, eBay join PayPal in exiting Facebook's cryptocurrency Libra

L is for loser

eBay, Visa and Mastercard pull out of Facebook's Libra cryptocurrency

Visa, EBay, Stripe and Mastercard have all announced that they are dropping out of Facebook's Libra Association and its associated stablecoin project.

Libra, launched by Facebook in June with a promise to bring digital payments to the 1.7bn people without a bank account, is meant to be a global digital currency whose value remains stable.

"Visa has decided not to join the Libra Association at this time", a spokesperson told The Register. Libra has this potential.

Both corporations confirmed within the past hour or so they will withdraw from the Libra Association, joining PayPal, which pulled out earlier this week. "But first it needs to do no harm".

"We will continue to evaluate and our ultimate decision will be determined by a number of factors, including the association's ability to fully satisfy all requisite regulatory expectations", Visa said.

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.

Among the "founding members" who are still a part of the group for the time being are Spotify, Uber and Lyft. "At this time, we are focused on rolling out eBay's managed payments experience for our customers".

An list of founding members is to be announced at an inaugural Libra Association council meeting on Monday, according to Disparte. The news comes just days after PayPal backed out of the project and follows months of scrutiny from regulators worldwide.

In statements, the payment companies leaving the consortium left the door open for further engagement with the Libra project.

French economy and finance minister Bruno Le Maire has warned that under current circumstances, Libra posed a threat to the "monetary sovereignty" of governments and could not be authorized in Europe.

As the Libra's backing slowly crumbles, CEO Mark Zuckerberg is set to testify in front of Congress on 23 October.

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