Visa, EBay, Stripe and Mastercard Exit Facebook's Libra project

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Visa, EBay, Stripe and Mastercard have all announced that they will stop Facebook & # 39; s Libra Association and the associated stablecoin project.

Four companies are leaving the ship

On October 11, Bloomberg reported that Ebay, Stripe and Mastercard had decided to stop Facebook's Libra cryptocurrency project. Within minutes, Visa said it had also decided not to become a member of the Libra Association, according to The Block.

The news comes a week after PayPal announced his withdrawal from the Libra stablecoin project as regulators continue to investigate the project.

The companies have respected the vision of Facebook and claim to see continuous potential in the project, but chose to shift their focus for the time being.

Cointelegraph earlier reported that Visa, Mastercard and Stripe tried to ensure that Facebook's crypto project did not harm their relationships with regulators. The three payment giants alluded to that Facebook had exaggerated the claims that regulators were at ease with Libra. Stripe initially denied that it was considering a U-turn, but said today in a statement:

“Stripe supports projects aimed at making online commerce more accessible to people around the world. Libra has this potential. We will follow the progress closely and remain open to cooperation with the Libra Association at a later stage. "

Coinbase CEO supports Libra

Brian Armstrong, CEO and co-founder of major Coinbase crypto exchange, recently said he believes that "the way the US government reacted, it is as if they almost want to be left behind."

He also expressed concern that the United States may become obsolete due to innovation obstruction and added:

“The way in which countries remain relevant in the long term and continue to have high economic growth is by investing in science, technology and innovation. If the government can help here, even better. But first it doesn't have to do any harm. & # 39;

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