Visa, eBay, Stripe, Mastercard abandon Facebook Libra ship

Visa, eBay, Stripe and Mastercard are dropping out of Facebook’s Libra Association and its associated stablecoin project.

The news comes one week after PayPal withdrew as regulators continue to push back against the project. 

The Libra Association will today convene its members in Geneva and ask them to sign a charter agreement. The first list of official partners will then be announced. A spokeswoman said the group was "focused on moving forward and continuing to build a strong association" as it worked to create "a safe, transparent, and consumer-friendly implementation of a global payment system that breaks down financial barriers for billions of people."

David Marcus, the Facebook executive spearheading the effort, tweeted: “I would caution against reading the fate of Libra into this update. Change of this magnitude is hard. You know you’re on to something when this much pressure builds up."

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