Mastercard, eBay, Visa and Stripe join PayPal in Facebook Libra exodus


"At this time, we are focused on rolling out eBay's managed payments experience for our customers", an Ebay spokesperson told Business Insider in a statement.

In a statement to ZDNet's sister site CNET, eBay said, "We highly respect the vision of the Libra Association; however, eBay has made the decision to not move forward as a founding member".

The departures on Friday came after U.S. senators sent letters to several financial firms noting that they could face "a high level of scrutiny from regulators" if they participated in the new currency plan.

Now that PayPal, Stripe, Visa and Mastercard have left the Libra Association, there are only two remaining payment partners in Libra's stable - Mercado Pago and PayU - neither of which have major footprints in the U.S.

"We appreciate Stripe, Mastercard and eBay's support for the goals and mission of the Libra project", he said.

Last week, digital payments firm PayPal said it was quitting the alliance of companies and organizations promoting Libra.

Facebook is losing more friends in its initiative to launch Libra, and PayPal's announcement to withdraw from the Libra Association seems to have exposed the cracks inside an association that is starting to fall apart.

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Payments giant Stripe, one of the most high-profile startups to sign onto the project, signaled it remained open to working on it in the future.

Chairwoman of the committee sent a letter to Facebook requesting an immediate moratorium on the implementation of Facebook's proposed cryptocurrency, Libra, and digital wallet, Calibra.

Libra's payment partners just got a lot thinner now that Stripe, Visa and Mastercard are leaving the project.

Onward? The Libra Association's founding members (what remains of them) are scheduled to meet on October 14 in Geneva, Switzerland, where the group will review a charter and appoint a board of directors, according to the Wall Street Journal. Their initial agreement to join the Libra Association instantly gave Facebook's project legitimacy. "Libra has this potential", the company said in a statement.

As the Libra's backing slowly crumbles, CEO Mark Zuckerberg is set to testify in front of Congress on 23 October.

We are focused on moving forward and continuing to build a strong association of some of the world's leading enterprises, social impact organizations and other stakeholders.