Libra Loses Paypal, eBay, Stripe, Visa and Mastercard as Partners


Last week, PayPal became the first major company to drop out of Libra and now eBay, Stripe, Visa and MasterCard are too.

On Friday, Visa and MasterCard joined eBay, Stripe and PayPal in their departures from the Libra project.

The exodus comes amid growing — not to mention stronger-than-anticipated — regulatory push back against Libra in the U.S. and elsewhere.

“It’s a big setback for them but it’s not the end,” said Gartner analyst Avivah Litan.

Many see the potential for the new currency to open up a worldwide marketplace to millions without bank accounts, but everybody doesn't look so favorably upon the project.

Rep. Maxine Waters, the California Democrat who heads the House Financial Services Committee where Zuckerberg will testify on Oct. 23, called Libra “a new Swiss-based financial system” that potentially is too big to fail and could require a taxpayer bailout.

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Economics, Finance and Investing