More companies back away from Facebook´s Libra coin

L is for loser

Another eBay spokesperson noted that the firm would rather focus on its own payments experience for now.

However, eBay has made the decision to not move forward as a founding member.

The departures on Friday came after USA senators sent letters to several financial firms noting that they could face "a high level of scrutiny from regulators" if they participated in the new currency plan.

Facebook's digital currency plans took a major hit today as Visa, Mastercard, eBay, and Stripe have followed PayPal's example and backed out of the nonprofit Facebook set up to manage the currency.

"Stripe is supportive of projects that aim to make online commerce more accessible for people around the world", Stripe told the FT.

After PayPal's departure last week, Facebook did not waver in its support of Libra and is unlikely to do so, at least in the immediate future. Stripe will "remain open to working with the Libra Association at a later stage", the spokesperson said.

These announcements happen just days after news spread that regulators were interested in meeting with Facebook CEO Mark Zuckerberg to talk about Libra and discuss the Association's motives, as BeInCrypto previously reported.

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The Libra Association still has 21 members that have yet to leave (not including Facebook), but the fact that four companies have parted ways in just a week is anything but a good sign.

Shortly after this news, popular Twitter influencer in the cryptocurrency space, @APompliano, shared that Visa and MasterCard have withdrawn from the project as well.

"We are focused on moving forward and continuing to build a strong association of some of the world's leading enterprises, social impact organizations and other stakeholders", he said.

Facebook's Libra association is leaking members like a sieve. Their initial agreement to join the Libra Association instantly gave Facebook's project legitimacy.

Of all the payment processors that were part of the Libra Association, PayPal, Visa, and MasterCard were three of the most notable.

"Visa's continued interest in Libra stems from our belief that well-regulated blockchain-based networks could extend the value of secure digital payments to a greater number of people and places, particularly in emerging and developing markets", the company said.

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