PayPal close to exiting Libra project - report

Thursday, 03. October 2019 20:29

PayPal Inc. is close to withdrawing from Facebook Inc.'s cryptocurrency project Libra, the Financial Times reported on Thursday.

Reportedly, the online payments giant pulled out a meeting today where the supporters of Libra were supposed to discuss how the project will address the rising opposition from lawmakers. A person close to the matter told the news organization PayPal was unsatisfied with the way Facebook has dealt with increasing criticism Libra has been experiencing.

Only yesterday, media reported several companies, among which are Mastercard Inc. and Visa Inc., were re-examining their involvement with Facebook's cryptocurrency, due to fears they might attract regulatory scrutiny.

Related Links: Facebook Inc.PayPal Holdings Inc.
Breaking the News / MD