Heavy! PayPal or Libra project that will quit Facebook
According to the Financial Times, three people familiar with the matter said that payment giant PayPal is about to withdraw from Facebook's Libra project.
On Thursday, Facebook convened 28 founding members of the Libra Association, the governing body of the project, to discuss how Libra will respond to the growing opposition from regulators. But one participant said that PayPal is the only absent member.
PayPal's exit will be a heavy blow to the Libra project, and David Marcus, the head of the Facebook blockchain who led the project early, previously served as president of PayPal.
A person close to PayPal said the payment company was concerned that Facebook could not solve the global opposition from the project, especially in money laundering. The person familiar with the matter said, “They don’t seem to have a lot of up-front work with regulators. Payment companies don’t want regulatory review to infiltrate their business.”
- Managing 12 billion assets, Stone Ridge wants to launch Bitcoin Futures Fund
- After completing DeFi to stabilize the currency, Ruibo wants to build another MakerDAO?
- BitGo supports staking service, 13% annualized, and the hosting industry begins to transform
The person familiar with the matter also revealed that PayPal is unlikely to be the first signatory of the Libra Association, but may rejoin the project later.
According to Facebook's information released in June this year, every member of the Libra Association promised to invest $10 million. At present, no members have contributed capital. It was scheduled to hold a meeting in Geneva in mid-October to formally sign the relevant agreement.
Several people familiar with the project said that Libra's supporters in the payment field, Visa, MasterCard and Stripe, are particularly concerned about regulatory issues.
Dante Disparte, director of policy and communications at the Libra Association, said, “It is not easy to build a payment network like the Libra project. We recognize that change is daunting, and each participating organization must assess the risks and rewards of fulfilling its commitments. ”
Author Xiu MU This article comes from pushing bitpush.news
We will continue to update Blocking; if you have any questions or suggestions, please contact us!
Was this article helpful?
93 out of 132 found this helpful
Related articles
- Offline can also record transactions, Mesh network is expected to become the ultimate "killer" for cryptocurrency
- Governor of the Federal Reserve Bank of Philadelphia, United States: The central bank’s digital currency is inevitable, but the United States should not take the lead
- Parity releases a new version of the app, turning the phone into an offline wallet
- 2019-10-3 mainstream currency market analysis: the beginning of the stream, the sun is falling, the mountain rain is coming to the wind
- Decentralized derivatives release platform received $5 million in financing, Pantera Capital and Ripple
- Symmetric Cryptography in the Computer Age: From $100 Franklin to Binary XOR to AES
- Digital Money Market Investment Logic Change | Token Watch
