An overview of Facebook’s ‘cryptocurrency’ supporters — who’s in and who’s out – The Next Web

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Facebook sent the world into a frenzy when it announced its intention to enter the payments space with the launch of its controversial ‘cryptocurrency‘ Libra earlier this year.

Initially, Facebook said it had garnered support from 28 companies, including some of the world’s top financial and technology giants.

But, as soon as regulators and central banks caught wind of Facebook‘s plans they began to issue warnings and air concerns about Libra‘s potential effect on the world’s financial system; spooking several of the company‘s backers along the way.

Four months on, and after losing many of its original supporters, Facebook finally managed to get 21, out of the original 28, organizations to sign the Libra Association charter.

Hard Fork has put together a quick overview of every organization that’s still involved and those who have (understandably!) ran a mile, because, let’s face it, it’s hard to keep track.

Who’s out?

Rumors about uneasiness among Facebook‘s Libra supporters have mounted for some time, but confirmation about a series of high-profile departures finally arrived over the past few weeks.

PayPal

PayPal’s announcement as one of Libra‘s initial backers failed to raise many eyebrows, given that that David Marcus, Libra‘s managing director and COO, used to be president at the online payment system.

However, the multinational company became the first company to leave Libra when it announced its withdrawal earlier this month.

PayPal didn’t specify why it had decided to part ways, but said in a statement that it taken ” the decision to forgo further participation in the Libra association at this time and to continue to focus on advancing our existing mission and business priorities as we strive to democratize access to financial services for underserved populations.”

Mastercard, Visa, eBay, Stripe, and Mercado Pago

Following increasing political pressure and just days before the project‘s supporters were due to meet in Geneva, to sign the charter, Mastercard, Visa, eBay, Stripe, and Mercado Pago pulled out.

“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,” a Visa company spokesperson said last Friday.

“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,” they added.

An eBay spokesperson told the Financial Times (FT) that it had made the decision in order to “[focus] on rolling out eBay’s managed payments experience for our customers”.

FinTech giant Stripe said that in spite of its exit it still believed Libra had “potential” to “make online commerce more accessible for people around the world” and remained open to working with the project “at a later stage”.

Two people familiar with the decisions tod the FT Mastercard and Mercado Pago had also quit.

Booking Holdings

Online travel company Booking Holdings Inc., which runs websites including Kayak.com and Priceline.com, has also left the ‘cryptocurrency’ project spearheaded by Facebook.

Who’s still in it to win it?