New York, Visa and Mastercard on Friday announced their departure from Facebook’s Libra project, a major setback to the social network’s plan for a worldwide digital currency.
Along with the two payment giants, several other large companies have said they’re exiting Libra. Payment processing company Stripe is stepping back, as well as e-commerce company eBay, The Associated Press (AP) reported.
PayPal was the first of Libra’s big partners to leave, announcing last week it would no longer be involved.
Facebook has faced substantial criticism since the summer when it unveiled plans to create a separate, private currency system to allow users to make cross-border payments more easily. The Libra Association, based in Switzerland, was supposed to give the currency project a comfortable arm’s length distance from Facebook, which wouldn’t own Libra.
Source: Bahrain News Agency