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Uh-oh! Facebook's Libra just lost eBay, Visa, MasterCard, and others

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Facebook Libra

Likewise, a Stripe spokesperson kindly wrote, "Stripe is supportive of projects that aim to make online commerce more accessible for people around the world".

Soon after those two companies announced they were backing out of the Libra Association, the non-profit created to oversee the cryptocurrency, Mastercard and Visa followed suit.

The Libra Association is scheduled to meet in Geneva, Switzerland (where the association is incorporated) on Monday, Oct. 14 to appoint a board of directors and to announce official commitments from its founding member group, hence the flood of drop-outs.

Moving forward, big players like Spotify, Anchorage, Uber, and Lyft are still members of the Libra Association. Engadget has contacted those companies for comment.

"We appreciate Stripe and eBay's support for the goals and mission of the Libra project", Facebook's Dante Disparte, head of Policy and Communication for the Libra Association, told Business Insider in a statement. This comes just two days after two US senators sent letters to Libra partners Stripe, MasterCard, and Visa asking them to use caution before moving forward.

In a statement on Friday, EBay expressed its support for the project, but said it would focus on rolling out its own payments products.

Facebook's Libra association is leaking members like a sieve. 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.

Facebook CEO Mark Zuckerberg will testify before the House Financial Services Committee on October 23, where he is likely to face more tough questions regarding Libra. USA lawmakers pressured Mastercard and Visa as well as Stripe to drop out in recent days.

In message on Twitter posted Friday evening, Marcus said "the pressure has been intense", and that he respects Visa and Mastercard's decision to "wait until there's regulatory clarity for Libra to proceed".

Facebook's cryptocurrency, called Libra is facing one problem after another. Several other large companies have announced their departures from Libra.

This now makes six of the original 28 founding members pulling out, threatening to hamper an ambitious project by Facebook to remodel global finance even before it hits the ground running. Some time last month, German and France stated that they would block the development of Libra in their countries.

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