EBay, Visa and Mastercard pull out of Facebook's Libra cryptocurrency


"At this time, we are focused on rolling out eBay's managed payments experience for our customers", an Ebay spokesperson told Business Insider in a statement.

"We highly respect the vision of the Libra Association; however, eBay has made the decision to not move forward as a founding member", the company said in a statement.

Facebook Chief Executive Mark Zuckerberg is expected to discuss the project when he testifies before the U.S. House Financial Services Committee on October 23.

After PayPal bowed out, the Libra Association tweeted, "We recognize that change is hard, and that each organization that started this journey will have to make its own assessment of risks and rewards of being committed to seeing through the change that Libra promises".

Both corporations confirmed within the past hour or so they will withdraw from the Libra Association, joining PayPal, which pulled out earlier this week.

Facebook's deteriorating relationships with potential Libra partners, combined with intense scrutiny from lawmakers, leaves the future of the initiative uncertain.

Shortly after this news, popular Twitter influencer in the cryptocurrency space, @APompliano, shared that Visa and MasterCard have withdrawn from the project as well.

First unveiled in June by Facebook execs, the Libra crypto-currency project was touted as a private, secure way for people around the globe to make purchases.

Of all the payment processors that were part of the Libra Association, PayPal, Visa, and MasterCard were three of the most notable.

Onward? The Libra Association's founding members (what remains of them) are scheduled to meet on October 14 in Geneva, Switzerland, where the group will review a charter and appoint a board of directors, according to the Wall Street Journal.

The latest exodus leaves the Libra Association without any remaining major payments companies as members, meaning it can no longer count on a global player to help consumers turn their currency into Libra and facilitate transactions.

The two companies announced they would leave the association Friday afternoon, as did EBay Inc EBAY.O , Stripe Inc. and Latin American payments company Mercado Pago.

Media reports claimed that Visa, Mastercard and some other financial partners who signed on to support Libra were also reconsidering their involvement in the network.

"Visa has decided not to join the Libra Association at this time", a Visa company spokesperson said in a statement to ZDNet.