Late on Friday, it was reported that PayPal had sent statements to the
Wall Street Journal and
Bloomberg confirming the company’s withdrawal from the Libra Association. It is the first firm to back out of Facebook’s cryptocurrency project following a rocky few months since its announcement.
The news comes days after rumors of PayPal getting cold feet over Libra’s regulatory criticism. As we
published last week, it was the only firm not to attend a Washington meetup of the 28 Association members. The blow to Libra is exacerbated by the fact that project lead
David Marcus was once president of PayPal.
Reportedly, the payments company decided “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.”
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