PayPal pulls out of Facebook’s Libra project

October 07, 2019 | Digital Currency
Written by FinTech Alliance
PayPal pulls out of Facebook’s Libra project

PayPal has decided to cease involvement in Facebook’s digital currency development.

In Brief:

  • PayPal made the announcement on Friday but said it is still “supportive of Libra’s aspirations”.

  • The ‘Libra Association’ still includes 27 organisations supporting the project.

  • Facebook aims to enable the Libra token to be traded globally and held in a digital wallet called Calibra.

What does this mean?

The payments giant is widely being reported as “the first” to pull out of the project, but at the moment the Libra Association still includes trusted names in the industry such as Visa and Mastercard. Facebook has said the journey to making Libra a reality will be “long and challenging”.

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