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As More Partners Leave, Facebook is Struggling to Keep the Libra Association Intact

According to the latest reports from Bloomberg and Financial Times, several companies that were involved in the project from the beginning have left Facebook’s Libra Association. This has effectively put Facebook in a critical position, as the association for the cryptocurrency had received the lack of support from many of the governments. In the latest move, companies like eBay, Stripe, VISA, Mastercard and Mercado Pago have left the Libra Association. While the companies who left have said that they may reevaluate the decision in a later stage, the current state of Facebook Libra is doubtful.

“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,” a spokesperson from VISA was quoted saying by The Verge. It should be noted that these companies are simply following the footsteps of another major payment platform that left the association previous week — PayPal. While reading the statements released by other companies on the issue, it is clear that they are also afraid of the political implication of their participation in Libra.

Stripe, for instance, said that “Stripe is supportive of projects that aim to make online commerce more accessible for people around the world. Libra has this potential. We will follow its progress closely and remain open to working with the Libra Association at a later stage.” Similarly, eBay added that the company does not want to move forward as a founding member and that it is currently focused on launching managed payment system for eBay shopping. Political commentators, however, have made it clear that these stepping out processes are out of fear indeed.

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