Thursday, 14 November, 2019

Libra's Ship Is Sinking as Multiple Major Partners Abandon Facebook's Troubled Cryptocurrency

Facebook Libra eBay, Visa and Mastercard pull out of Facebook's Libra cryptocurrency
Travis Berry | 13 October, 2019, 00:39

Despite the high-profile departures of these leading companies, Disparte added, "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. 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. With this, the Libra Association now has only one payment partner, PayU, which is owned by Naspers Group (headquartered in South Africa).

"Visa has decided not to join the Libra Association at this time", the company said in a statement.

On Tuesday (October 8), two senior U.S. Senators-Brian Schatz (D-HI) and Sherrod Brown (D-OH)-wrote letters to the CEOs of Visa, Mastercard and Stripe in order to share their "deep concerns" about Libra and the Libra Association because important questions about the risks posed by this project "remain unanswered".

In message on Twitter posted Friday evening, Marcus said "the pressure has been intense", and that he respects Visa and Mastercard's decision to "wait until there's regulatory clarity for Libra to proceed".

The founding partners of the Libra Association include Mastercard and Visa. Also, representatives from the companies will appoint a board of directors for the Libra Association at the meeting. France and Germany both stated last month that they would attempt to block Libra from operating in Europe, saying it posed risks to European Union states' sovereignty.

Naomi Osaka will represent Japan -- not USA -- at 2020 Tokyo Olympics
Osaka told Japanese media that playing for Japan in Tokyo during the Olympics is something special for her, according to Reuters . Osaka rose to prominence a year ago after she managed to beat US tennis legend Serena Williams in the final of the 2018 US Open.

What do you think about another set of companies leaving Libra? Interestingly, the firms were among the first 28 inaugural members of the Libra project.

The news comes just days after PayPal backed out of the project and follows months of scrutiny from regulators worldwide.

The three companies chose departure.

This string of news comes only days after Mark Zuckerberg announced he would appear before the House Financial Services Committee on October 23 at 10 a.m. ET. In July, David Marcus, Facebook's lead on the project, was grilled by skeptical USA lawmakers. Zuckerberg will testify before Congress in a hearing entitled, "An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors". Also, venture capital companies like Union Square Ventures and Andreessen continue to be involved, in addition to the crypto exchange platform Coinbase.

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