eBay, Mastercard, Mercado Pago, Stripe, and Visa abandon Libra’s Association

Facebook's crypto project, Libra, is in a tough spot. Apparently, the coin is losing support at a rapid pace. Renowned firms including eBay, Mastercard, Mercado Pago, Stripe, and Visa will no longer participate in the Libra Association. No US payment networks are willing to step their foot into the ambitious outline amidst the strict regulations following the security concerns. Mark Zuckerberg is scheduled to testify before the House Financial Services Committee on October 23.

Libra currently stands in a troublesome zone as it seems to lose the support at an accelerated velocity. eBay, Mastercard, Mercado Pago, Stripe, and Visa will no longer be a part of the Libra Association, the group formed to launch the ambitious project of Facebook.

“We highly respect the vision of the Libra Association,” eBay said in a recital. “However, eBay has made the decision to not move forward as a founding member. At this time, we are focused on rolling out eBay’s managed payments experience for our customers.” Earlier, PayPal gave light to its decision to withdraw from the organization on October 4.

Libra, at present, is under the arch of severe regulations as the authorities remain unconvinced that Facebook will be able to keep the cryptocurrency secure. David Marcus, the chief executive running the Libra Association, who is also a former PayPal President, attempted to alleviate concerns from US Lawmakers in a senate hearing commenced in July. However, the authorities demand the presence of Zuckerberg to testify the affairs before the House Financial Services Committee.

Governments and central banks recognize Calibra as a real threat to the global financial system. Despite attempts by the authorities and regulatory bodies to hinder the cryptocurrency’s evolution, Zuckerberg is serving to launch as speedily as possible. Mark is reportedly set to carry forward the proceedings with his presence on October 23.

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Saloni Sheelwant
Saloni Sheelwant treasures to research and write about the new startups and technologies thriving at a very fast pace.

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