More Libra partners vanish into thin air for Facebook

Paypal exited the Libra project a week ago

"The pressure had been intense (understatement), and I respect their decision to wait until there is regulatory clarity for Libra", Marcus said.

In statements following their decision, the companies said that they were still interested in the cryptocurrency as a secure digital payment method, but have chosen to focus their resources on other projects for the time being. "Libra has this potential", Stripe told The Register.

Stripe also said it would follow the progress of Libra and remain open to working with the association at a later date.

Today, PayPal was joined by eBay and Stripe, as well as Mastercard and Visa, in dropping out of the ambitious crypto project, which would create a stable digital currency for frictionless online payments built directly into Facebook apps and services. On top of that, these announcements are coming out just a matter of days before Facebook holds its first meeting for the Libra Association on October 14. Engadget has contacted those companies for comment. That implied that all the behemoth US-based payment processors had distanced themselves from the Libra association.

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.

Since Facebook announced its Libra project in June, regulators have focused on this project, suggesting that Facebook should be regulated in the same fashion that big banks are regulated. The ongoing scrutiny of Libra makes Facebook's partners all the more vital to actually launching Libra.

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Companies nearly queued up when Facebook announced plans to launch its global cryptocurrency in 2020.

"Visa has decided not to join the Libra Association at this time", a Visa company spokesperson said in a statement to ZDNet. The Libra Association has scheduled a meeting to nominate the board of the project next week.

Facebook's digital currency alliance lost more companies on Friday amid heavy criticism from regulators around the world on the planned Libra global cryptocurrency.

Facebook Chief Executive Mark Zuckerberg is expected to discuss the project when he testifies before the U.S. House Financial Services Committee on October 23.

Shortly after this news, popular Twitter influencer in the cryptocurrency space, @APompliano, shared that Visa and MasterCard have withdrawn from the project as well. Some time last month, German and France stated that they would block the development of Libra in their countries.

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