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Visa, Mastercard, eBay, Stripe drops Facebook’s Libra project

Visa, Mastercard, eBay, Stripe have reportedly dropped support for Facebook’s Libra cryptocurrency project, just a week after PayPal did the same first. The two credit card companies stated that while they have pulled out, they may return to cooperate in the future. Visa in particular will evaluate the situation further. eBay meanwhile said it was turning its focus to its managed payment experience for customers.

Facebook first announce Libra in June 2019, where it planned a launch in 2020. However, with so many core backers abandoning the project, it is unclear as to when and if Facebook will proceed with the plan. Facebook has faced a slew of issues trying to roll Libra out, as lawmakers cited the security and privacy concerns associated with the social media platform, demanding further development be stalled. Worst of all, Libra has been banned in Germany and France.

Source: Hot Hardware

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