What you need to know
Facebook’s Libra Association has lost four more of its founding members. The idea of a Facebook-lead cryptocurrency raised a lot of eyebrows when it was first announced in June, though support from a laundry list of well-established companies gave it a feeling of legitimacy it would have otherwise lacked. This time around, Visa, Mastercard, eBay, and Stripe are pulling their support. The news comes just a week after PayPal left. However, that initial support is quickly starting to fade away. On October 4, PayPal announced that it was leaving Facebook’s Libra Association to focus on its own business ventures. A week prior, PayPal dropped out of the group. Starting first with Visa:
Visa has decided not to join the Libra … Now, reports from The Verge, Financial Times and Bloomberg reveal that Visa, Mastercard, eBay, and Stripe are also leaving the group. While Mastercard has yet to offer any comment regarding the news, Visa, eBay, and Stripe have spoken out.