Stripe, eBay, Visa, Mastercard bail on Facebook's Libra

https://www.mobilepaymentstoday.com/news/stripe-ebay-visa-mastercard-bail-on-facebooks-libra/
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(Updated at 12:48 p.m. Oct. 12 EDT with comments from Mastercard)

Stripe and eBay are bailing out of Facebook’s Libra cryptocurrency project, according to a report by CNBC. They join PayPal, which announced its exit from the project last week.

Governments have been increasingly scrutinizing Facebook’s Libra cryptocurrency, which has in turn led to many companies dropping support.

“We highly respect the vision of the Libra Association; however, eBay has made the decision to not move forward as a founding member. At this time, we are focused on rolling out eBay’s managed payments experience for our customers,” an eBay spokesperson said in the report.

Visa which had been the subject of speculation for weeks, confirmed that it will not join Libra under the current regulatory climate. 

“Visa has decided not to join the Libra Association at this time,” a spokesperson said via email. “We will continue to evaluate and our ultimate decision will be determined by a number of factors, including the Association’s ability to fulfill all requisite regulatory expectations.”

Visa continues to have an interest in participating in Libra, stating that it believes “well regulated blockchain-based networks could extend the value of secure digital payments” to additional people and places, particularly in emerging and developing markets. 

Mastercard has also decided it will not become a member of the Libra Association at this time, according to Mastercard spokesperson Seth Eisen. 

“We remain focused on our strategy and our own significant efforts to enable financial inclusion around the world,” Eisen said via email. “We believe there are potential benefits in such initiatives and will continue to monitor the Libra effort.”

Mark Zuckerberg, CEO of Facebook, is set to testify before the House Financial Services Committee about Libra on Oct. 23.

 


Topics: Blockchain, Cryptocurrency, Mobile Payments, Regulatory Issues

Companies: Facebook, Visa, eBay, Stripe


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