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Facebook LIBRA latest news: Exodus of Visa, eBay and more follows to Paypal’s withdrawal

Last week, we reported that Paypal announced they will no longer be part of the Libra project on Oct 4th.

This week we will report the latest new of Libra which faces more adverse circumstances.

Libra association held its first meeting for its governing body on 14th in Geneva, Switzerland. 21 members signed to the Libra Association charter, which will govern the libra cryptocurrency.

28 members initially said they would join Libra. However, Visa, Mastercard, Stripe, eBay and Mercado Pago announced their exodus from Libra on 11th, following Paypal’s withdrawal on 4th.

In addition, the internet company Booking which operates sites such as Booking.com, OpenTable and Kayak also decided to pull out on 14th.

David Marcus, head of blockchain with Facebook made comment in his Twitter to say special thanks to Visa and Mastercard for sticking it out until 11th.

Libra is expected to be successful in its payment use, but now major payment companies already pulled out, leaving Payu which doesn’t cover its business in the United States.

Now the remaining major companies on the council are Uber, Lyft, Spotify and so on.

At the meeting in Geneva, discussion about the operation policy was made, in addition to the appointment of its board of directors: David Marcus and each representatives of  Andreessen Horowitz’s, Xapo, Kiva Microfunds and PayU.

Libra aims to launch its service by the 1st half of 2020, with members up to 100, which will be the difficult way.

Libra’s head of communications and policy Dante Disparte already commented the schedule of launch on June in 2020 may delay.

For the upcoming schedule, Facebook CEO Mark Zuckerberg will testify on 23rd to defend the project at a hearing in front of the House Financial Services Committee. 

The pressure to Libra from Financial authority of each country is becoming stronger as they concern Libra may trigger illegal money transfer. It might resulted to the exodus of major companies from LIbra. Facebook may likely suffer from more strong inquiry about Libra. Let’s keep eye on Libra’s latest situation.

 

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