Visa told the Financial Times, which first reported their departure, that it would continue to show an interest in Libra and will make an ultimate decision on the project once it knows that the Association can "satisfy all requisite regulatory expectations".
Originally the association had 27 potential members, but several dropped out in recent days, including Visa, Mastercard and PayPal. The Libra board appointed Bertrand Perez as chief operating officer and interim managing director. EBay Inc, fintech startup Stripe and payments company Mercado Pago have also pulled the plug.
How Facebook will deal with the current corporate fallout over Libra is anyone's guess, but it appears that company head Mark Zuckerberg will have his work cut out for him when he faces down critics in Congress at the end of October.
Of the 21 companies, representatives from five of the firms were elected to form the Libra Association's board, with Facebook's David Marcus among them.
This serious blow from these payment processor giants came as the Libra crypto project attracted fierce criticism from global regulators and lawmakers, and made industry experts raise the question regarding the existence of the project.
A spokesperson for Libra said in a statement that association appreciates Booking's support for the "goals and mission of the project".
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Again according to The Journal, numerous partners felt that Facebook has failed to sufficiently soothe concerns among regulators. The Libra Foundation now has 21 founding members. Of course, it's not great news in the short term, but in a way it's liberating.
The Association's 21 remaining members include Facebook, Spotify, Uber and Lyft. Change of this magnitude is hard. Regulators are also concerned that the project would facilitate money laundering.
This isn't the best time for Libra, after it recently lost PayPal's backing, with the social media giant now getting ready to answers questions coming from European Union regulators.
Pierre Rochard, the podcast host, argued that Congressional hearings had withal been a flawless avenue through which observers, particularly those from the conventional financial sector, were able to better understand Bitcoin via realizing the problems existing to a centralized and private offering like Libra. According to the BBC, an upcoming report from the G7 group - whose taskforce included senior officials from central banks and the International Monetary Fund (IMF) - will recommend Libra 'must not go ahead until [Facebook] proves it is safe and secure'.
Facebook's other major 2019 initiative, end to end encryption of its messaging services, is also being attacked by Australian, UK, and USA government's, which argue the changes will be exploited by child abusers who will use encryption to hide their messages.