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

Clay Curtis
October 12, 2019

The Libra Council will hold its first official meeting on October 14 in Geneva.

"We are focused on moving forward and continuing to build a strong association of some of the world's leading enterprises, social impact organizations and other stakeholders", he said.

"We appreciate their support for the goals and mission of the Libra project". But now that that alliance appears to be eroding, the project's future is uncertain.

What do you think about another set of companies leaving Libra?

And with so many big names having recently pulled back their support for Libra, it wouldn't be a surprise if even more partners caught a case of cold feet and made a decision to leave as well. Some people inside the company think the defections are partly driven by established payments providers worrying about a new entrant encroaching on their turf, the person said.

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Congressional scrutiny isn't going away. And Facebook CEO Mark Zuckerberg is scheduled to testify about Libra in front of the House Financial Services Committee on October 23.

This time around, Visa, Mastercard, eBay, and Stripe are pulling their support. "Senators Sherrod Brown of OH and Brian Schatz of Hawaii said that Libra poses a risk to not only the financial system, but the payments companies" broader business. The company has hired several Washington lobbyists to convince politicians and regulators to green light the project.

"The pressure had been intense (understatement), and I respect their decision to wait until there is regulatory clarity for Libra", Marcus said. "At this time, we are focused on rolling out eBay's managed payments experience for our customers", an Ebay spokesperson told Business Insider in a statement. We will follow its progress closely and remain open to working with the Libra Association at a later stage. "Libra has this potential", said a company spokesperson.

Facebook is losing more friends in its initiative to launch Libra, and PayPal's announcement to withdraw from the Libra Association seems to have exposed the cracks inside an association that is starting to fall apart. Their initial agreement to join the Libra Association instantly gave Facebook's project legitimacy. A Lyft Inc. spokeswoman confirmed on Friday that the ride-hailing company remains a member.

"Although the makeup of the Association members may grow and change over time, the design principle of Libra's governance and technology, along with the open nature of this project ensures the Libra payment network will remain resilient".

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