Visa, Mastercard, eBay and Stripe Quit Facebook Libra

Facebook Libra continues to be plagued by troubles. Mastercard, Visa, eBay and Stripe have become the latest big names to walk out of the Facebook Libra Association. Earlier this week, PayPal had also pulled out of Facebook’s first crypto project to steer clear of regulatory troubles.

A Mastercard spokesperson told CoinDesk, “Mastercard has decided it will not become a member of the Libra Association at this time. We remain focused on our strategy and our own significant efforts to enable financial inclusion around the world. We believe there are potential benefits in such initiatives and will continue to monitor the Libra effort.”

Interestingly, these developments come a week before the first official meeting of the Libra Association members. The remaining members are expected to sign the group’s charter during the meeting. The original members had only signed non-binding letters of intent when they had signed up for the project during the initial announcement.

Venture firm Andreessen Horowitz, non-profits Kiva and Mercy Corps, crypto custodian Anchorage and wallet provider Xapo have all confirmed to CoinDesk that they will continue to be a part of the Libra Association.

Ever since its launch, Facebook Libra has faced the heat from regulators across the globe. The US Congress had sent a letter to Facebook in July requesting an immediate moratorium on the implementation of Libra and its digital wallet Calibra. German and French regulators also vowed to block the Libra project. Indian officials also stated that they are not comfortable with Facebook Libra. CEO Mark Zuckerberg is set to testify before Congress over Libra later this month.