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. The news comes just days after PayPal backed out of the project and follows months of scrutiny from regulators worldwide.
In a statement, an eBay spokesperson said, "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".
Credit card giants Visa and Mastercard, online marketplace eBay and digital payments firm Stripe each announced they had changed their minds about being founding members of the Libra Association assembled to promote the digital currency.
And, not to be left out, Visa wants out as well, according to report from Forbes. But the statements of Mr. Alfred Kelly -Visa Chairman and CEO- clarifying that "no one has yet officially joined (Libra)" marked another hard blow to the credibility of the project, especially considering that Kelly himself conditioned Visa's entry to "the ability of the association to satisfy all the requisite regulatory requirements".
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Just this week, US Senators Brian Schatz of Hawaii and Sherrod Brown of OH sent letters to the CEOs of Visa, Stripe, and Mastercard expressing "deep concerns" about Libra and warning them that their companies could face stricter regulatory scrutiny because of their involvement in the project.
Marcus also stated that the news was not "great in the short term", but "liberating" to "know that you're on to something when so much pressure builds up".
Facebook announced Libra back in June, explaining that it meant to roll out a digital coin in 2020.
"We appreciate their support for the goals and mission of the Libra project". A Libra Association spokeswoman said on Friday that the gathering will proceed as planned, and that it would announce the first list of official partners once a formal charter is signed.
With four major partners out in the last week, all eyes are on who decides to actually show up at that meeting.