Facebook's cryptocurrency is having a very busy start. Paypal has officially announced that it will withdraw its support for Libra after being one of the companies that vocalized support for cryptocurrency. The company has invested $ 10 million in Libra, it is unclear whether Paypal will 'collect' that money back.
"Paypal has decided to terminate its engagement with the Libra Association to focus on its priority mission and business. These are democratizing access to financial services for disadvantaged populations. We continue to support Libra's ambitions and look forward to working together in the future. Facebook is a longtime strategic partner of Paypal and we want the situation to stay that way. "
Of course, this is a politically correct way to withdraw your support and no longer get involved with Facebook's cryptocurrency. These statements were made to Bloomberg, and Facebook declined to comment.
Are other partners considering removing support
The Wall Street Journal recently reported that several of Libra's initial project partners are reconsidering their participation. Partners include Visa and Mastercard, which are key partners in the success of cryptocurrency.
The reason for this hesitation is due to the amount of friction Facebook has had with the American and European governments. Facebook has been heavily scrutinized by international governments for privacy violations, lack of transparency in the processing of user data and accusations of anti-competitive tactics.
During the month of October, the final list of Libra project supporters will be made official. Until then, we may see a few more names withdrawing their support, just like Paypal. In addition to the banking entities, we have companies like eBay, Spotify, Uber and Vodafone in the list of possible participants.
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