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Facebook’s Libra cryptocurrency loses eBay support – CNET

libra-association-founding-partners

The founding partners of the Libra Association include Mastercard and Visa.

Facebook

eBay has dropped out of the Libra Association overseeing Facebook’s cryptocurrency. Stripe has also exited the group, Financial Times said Friday.

It follows PayPal withdrawing from the Libra Association on Oct. 4, saying at the time that it will “continue to focus on advancing our existing mission and business priorities as we strive to democratize access to financial services for underserved populations.”

“We highly respect the vision of the Libra Association; however, eBay has made the decision to not move forward as a founding member,” an eBay spokesperson said in an emailed statement. “We are focused on rolling out eBay’s managed payments experience for our customers.”

According to the report, Stripe added that it will follow Libra’s progress “and remain open to working with the Libra Association at a later stage.”

Facebook, Libra and Stripe didn’t immediately respond to a request for comment.