PayPal Pulls Out Of Facebook’s Libra Cryptocurrency Association

Founding members invested $10 million to fund the association, and as CNBC reported, it's uncertain what exactly will happen to that money should all participants pull out of the agreement and the project becomes unsuccessful.

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PayPal Pulls Out Of Facebook's Libra Cryptocurrency Association - Surge Zirc
PayPal trademark / Photo credit: Engadget

Just days after the Wall Street Journal published that some companies initially announced as partners for Facebook’s Libra cryptocurrency were reconsidering support, PayPal has announced outrightly that it will end its participation in the Libra Association program.

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Founding members invested $10 million to fund the Cryptocurrency association, and as CNBC reported, it’s uncertain what exactly will happen to that money should all participants pull out of the agreement and the project becomes unsuccessful.

PayPal:

”PayPal has made the decision to forgo further participation in the Libra Association at this time and to continue to focus on advancing our existing mission and business priorities as we strive to democratize access to financial services for underserved populations. We remain supportive of Libra’s aspirations and look forward to continued dialogue on ways to work together in the future. Facebook has been a longstanding and valued strategic partner to PayPal, and we will continue to partner with and support Facebook in various capacities.”

We didn’t hear anything from other big partners like Mastercard and Visa. While Facebook executives and former president of PayPal — David Marcus previously tweeted that the “official 1st wave of Libra Association members will be formalized in the weeks to come.”

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Meanwhile, lawmakers are pressing for CEO Mark Zuckerberg to testify about the matter. We’ll see who remains a partner. We have put out the initial list of 28 names below.

”Mastercard, PayPal, PayU (Naspers’ fintech arm), Stripe, Visa, Booking Holdings, eBay, Facebook/Calibra, Farfetch, Lyft, Mercado Pago, Spotify AB, Uber Technologies, Inc., Iliad, Vodafone Group, Anchorage, Bison Trails, Coinbase, Inc., Xapo Holdings Limited, Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures, Creative Destruction Lab, Kiva,Mercy Corps, Women’s World Banking.”

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