Mastercard, Visa, eBay and Stripe pull out of Libra

October 14, 2019 | Blockchain
Written by FinTech Alliance
Mastercard, Visa, eBay and Stripe pull out of Libra

After PayPal’s withdrawal from Project Libra last week, five more companies have followed suit.

In Brief:

  • Mastercard, Visa, eBay, Stripe and Mexican payments platform Mercado Pago have all ceased involvement in the Libra Association.

  • This means the project no longer has any major US payment processors involved.

  • The withdrawal comes before Monday’s first meeting of the Libra Council.

What does this mean?

Like PayPal, most of the businesses have stressed they have respect for the project and will follow it with interest – but not enough to give it their backing at this time. Facebook insists that even though the “makeup” of the Libra Association changes, the development of the network will continue as planned. 

 

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