Visa, Mastercard shun Facebook's Libra digital currency plan

Crypto Credit Lines Sponsored   Crypto 1 minBreaking Visa Mastercard eBay Stripe All Leave Libra Nick Chong 1 min ago

These include Mastercard and Visa, as well as eBay, Stripe and Mercado Pago.

Facebook's head of the project, former PayPal executive David Marcus, cautioned on Twitter against "reading the fate of Libra into this update", although he acknowledged "it's not great news in the short term".

"Stripe is supportive of projects that aim to make online commerce more accessible for people around the world", a spokesperson told Business Insider. "Libra has this potential", Stripe told The Register.

The companies join PayPal Holdings Inc which exited the Libra Association just a week ago, as global regulators continue to air concerns about the project.

In a statement to ZDNet's sister site CNET, eBay said, "We highly respect the vision of the Libra Association; however, eBay has made the decision to not move forward as a founding member". In their own comment, Visa cited Libra's inability to "fully satisfy all requisite regulatory expectations".


It remains to be seen if this is the end of the Libra Association's internal turmoil, as reports indicate that the ratification of the consortium's charter is rapidly approaching.

The remaining association members, including Lyft and Vodafone, consist mainly of venture capital, telecommunications, blockchain and technology companies, as well as nonprofit groups.

"We are focused on moving forward.to achieve a safe, transparent, and consumer-friendly implementation of a global payment system that breaks down financial barriers for billions of people". Stripe says it'll be open to joining Libra when it's progressed to a later stage. The Libra Association is set to hold its first board meeting on Monday.

The departures on Friday came after USA senators sent letters to several financial firms noting that they could face "a high level of scrutiny from regulators" if they participated in the new currency plan. Facebook CEO Mark Zuckerberg will testify before the House Financial Services Committee on October 23 , where he is likely to face questioning regarding Libra.

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