PayPal has become the first among all companies to drop out of the Facebook’s libra cryptocurrency.
PayPal has made the decision to forgo further participation in the Libra Association at this time and to continue to focus on advancing our existing mission and business priorities as we strive to democratise access to financial services for underserved populations,” a spokesperson said.
“We remain supportive of Libra’s aspirations and look forward to continued dialogue on ways to work together in the future. Facebook has been a longstanding and valued strategic partner to PayPal, and we will continue to partner with and support Facebook in various capacities.”
In response, Dante Disparte, the head of policy and communications and the Libra Association said: “It requires a certain boldness and fortitude to take on an endeavor as ambitious as Libra – a generational opportunity to get things right and improve financial inclusion. The journey will be long and challenging.
just four months after being announced as one of its founding members.
The online payments company announced last night that it would “forgo further participation” in the Libra Association, a group of 28 organisations supporting the currency.
The news is a major blow to Facebook boss Mark Zuckerberg’s plans to launch its own international currency, an initiative that has been met with widespread scepticism from politicians and central banks.
Facebook had sought to position the association as a collective effort in order to defuse claims that it amounted to a power grab by the social network.
However, other members of the Libra Association, including Visa and Mastercard, have been reluctant to publicly endorse the project in recent weeks.
Source – telegraph