Visa, Mastercard, eBay, and Stripe, have all followed Paypal and withdrawn from the Libra Association. The withdrawals were first reported by the Financial Times.
“Visa has decided not to join the Libra Association at this time,” the Visa spokesperson said. “We will continue to evaluate and our ultimate decision will be determined by a number of factors, including the Association’s ability to fully satisfy all requisite regulatory expectations.”
The withdrawals leave Libra with no major US payment processor, a serious issue for the project. They also come just one week after PayPal (eBay’s former subsidiary) withdrew from the association.
Stripe gave a similar explanation for its withdrawal. “Stripe is supportive of projects that aim to make online commerce more accessible for people around the world,” the company said. “Libra has this potential. We will follow its progress closely and remain open to working with the Libra Association at a later stage.” Mastercard did not immediately respond to a request for comment.
In response to the news, Libra chief David Marcus conceded the news was not “great in the short term,” but “liberating” to “know that you’re on to something when so much pressure builds up.”
I would caution against reading the fate of Libra into this update. Of course, it’s not great news in the short term, but in a way it’s liberating. Stay tuned for more very soon. Change of this magnitude is hard. You know you’re on to something when so much pressure builds up.
— David Marcus (@davidmarcus) October 11, 2019