PayPal pulls out of Facebook's Libra cryptocurrency

The Guardian

PayPal has become the first company to drop out of Facebook's Libra cryptocurrency, as the embattled project continues to face queries from regulators around the world. Libra is technically an association backed by 28 – now 27 – multinational companies and nonprofits, although Facebook takes the lead, and a Facebook subsidiary, Calibra, is intended to be the main way consumers will interact with the project. Each of the companies involved had to pledge $10m (£8m) into a common pot to join. PayPal did not give a reason for leaving the project. It said in a statement: "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 democratise access to financial services for underserved populations. Facebook says Libra is a'global currency and financial infrastructure' - a digital asset built by Facebook and powered by a new Facebook-created version of ...


Facebook Officially Launches Libra, Its Digital Currency

TIME - Tech

Facebook officially moved forward with its plans Monday to create a new digital currency called Libra, despite several high-profile defections from the project and intense criticism from U.S. regulators and politicians. The Libra Association, the nonprofit that will govern the currency, officially signed on 21 charter members on Monday at the organization's inaugural meeting in Geneva. Originally the Libra Association had 27 potential members, but several companies dropped out in recent days, including Visa, Mastercard and PayPal. Most of the remaining members of the Libra Association consist of venture capital firms, who often have an eye on emerging technologies and align with Facebook's interests, as well as nonprofits. But some larger companies who are now members of the association include Uber, Lyft, Spotify and European telecommunications company Vodafone.


Facebook launches its cryptocurrency 'Libra' despite high-profile defections - Express Computer

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Facebook officially moved forward with its plans to create a new digital currency called Libra, despite several high-profile defections from the project and intense criticism from US regulators and politicians. The Libra Association, the nonprofit that will govern the currency, officially signed on 21 charter members at the organization's inaugural meeting in Geneva. Originally the Libra Association had 27 potential members, but several companies dropped out in recent days, including Visa, Mastercard and PayPal. Most of the remaining members of the Libra Association consist of venture capital firms, who often have an eye on emerging technologies and align with Facebook's interests, as well as nonprofits. But some larger companies who are now members of the association include Uber, Lyft, Spotify and European telecommunications company Vodafone.


Payment firms back out in painful blow to Facebook's cryptocurrency Libra

The Guardian

Nearly every payment firm that initially agreed to join Facebook's cryptocurrency Libra has backed out, in a potentially fatal blow to the social network's plan for a worldwide digital currency. Visa and Mastercard said on Friday they would no longer participate in the Libra Association and Latin American payment system Mercado Pago announced it would back out as well. Several other large companies have announced their departures . The payment processing company Stripe said it was stepping back, as well as the online auction company eBay. PayPal was the first of Libra's big partners to exit, announcing last week it would no longer be involved.


Facebook co-founder: Libra currency could give firms excess power

The Guardian

One of Facebook's co-founders has warned the social network's plans for a digital currency called Libra could allow corporations involved in the scheme to wield power over nation states. Chris Hughes, whose role in the early days of Facebook has given him a net worth estimated at $430m (£340m), said global regulators should intervene to slow the progress of the cryptocurrency. Facebook is developing Libra from a base in Switzerland, in partnership with 27 other corporations – including Mastercard, Paypal, Uber and Vodafone – collectively known as the Libra Association. Facebook says Libra is a'global currency and financial infrastructure' - a digital asset built by Facebook and powered by a new Facebook-created version of blockchain, the encrypted technology used by bitcoin and other cryptocurrencies. The name Libra comes from the basic Roman measurement of weight.