PayPal on the verge of quitting Facebook's Libra project
|- PayPal ditches the October 3 Libra Association meeting in Washington D.C.
- PayPal, alongside Visa and MasterCard are considering quitting Libra to protect reputation with regulators.
PayPay, a leading payment processing platform, has raised eyebrows regarding allegations that it is getting cold feet over its involvement with Facebook’s Libra project. According to a report from the Financial Times, PayPal failed to attend a meeting among the 28 Libra Association members on October 3.
Besides PayPal, the crypto space has been running headlines that other backers of the project are considering taking the exit route as well. The report by the Financial Times cites a source close to PayPal, who said:
“It doesn’t seem that there was a lot of pre-work done with regulators. [Payments] companies don’t want that [regulatory scrutiny] to bleed into their businesses.”
Some of the other partners that said to be considering leaving the Libra Association are MasterCard and Visa. The firms are supposed to be protecting their built reputation with regulators.
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