Facebook loses Libra cryptocurrency backers

Visa, Mastercard, eBay, Stripe and Mercado Pago have followed PayPal in pulling out of Facebook’s Libra cryptocurrency project.

Libra logo blue on white

The moves mean that PayU is now the only payments company to still be listed as a founding member of the Libra Association.

Both Visa and Mastercard have said that they plan to continue to monitor Libra’s progress, however, and have not ruled out rejoining at a later date.

“Visa has decided not to join the Libra Association at this time. We will continue to evaluate and our ultimate decision will be determined by a number of factors, including the Association’s ability to fully satisfy all requisite regulatory expectations,” the payments network told CoinDesk.

Mastercard “has decided it will not become a member of the Libra Association at this time,” it said in a statement.

“We remain focused on our strategy and our own significant efforts to enable financial inclusion around the world. We believe there are potential benefits in such initiatives and will continue to monitor the Libra effort.”