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.

John Isige FXStreet

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.

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

Crypto Today: Bitcoin at $60,000, Ethereum at $1,500, and XRP at $1 face a make-or-break test

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are trading in the red on Friday after three consecutive days of losses, testing their respective make-or-break support levels.

Bitcoin Weekly Forecast: BTC hits 20-month low, will the pain continue?

Bitcoin recovers slightly, trading at $66,000 on Friday after reaching a new yearly low of $58,115 earlier this week, its lowest level since October 2024. Institutional selling intensified as spot ETFs recorded $1.35 billion in net outflows through Thursday.

XRP clings to $1 as long liquidations deepen bearish trend

Ripple trades near the key psychological support level of $1 at the time of writing on Friday after losing more than 8% so far this week. CoinGlass liquidation data shows that over 97% XRP long positions were wiped out over the past 24 hours.

Pi Network Price Forecast: Minor recovery amid market crash fuels short-term hope

Pi Network price records a mild 3% recovery at press time on Friday, shaping a rebound from a broken descending trendline. The declining trend in trading volume has stabilized around $10 million this week, supporting the possibility of an extended recovery as selling pressure wanes.

Bitcoin: BTC hits 20-month low, will the pain continue?

Bitcoin (BTC) recovers slightly, trading at $66,000 on Friday after reaching a new yearly low of $58,115 earlier this week, its lowest level since October 2024. Institutional selling intensified as spot Exchange Traded Funds (ETFs) recorded $1.35 billion in net outflows through Thursday.