Business Magazine

Every Major US Payment Processor Has Exited the Libra Association

Posted on the 11 October 2019 by Worldwide @thedomains
Facebook Libra

As we covered here a few times over the last few weeks, Facebook is having all kinds of problems with it’s partners in Libra.

Paypal dropped out and now the rest of the U.S. payment processing companies have dropped out.

TheVerge wrote:

The first to ditch Libra was Paypal, which withdrew on October 4th. Then, over the course of a few hours on October 11th, Visa, Mastercard, Stripe and Mercado Pago all bailed on the project, with eBay tagging along for good measure. That meant every major US payment processor has exited the association. (The final remaining payment processor, PayU, has not responded to multiple requests for comment.) It’s an alarming turnaround for the Facebook-backed project, and the first clear indication that Libra’s founders may have bitten off more than they can chew.

The author in the article on TheVerge.com believes that everyone dropped out ahead of the big meeting in Geneva where members of Libra would be signing their charter.

The processors cannot take the risk and as the article pointed out here, As Senators Schatz and Brown wrote to three of the departing companies, “Facebook appears to want the benefits of engaging in financial activities without the responsibility of being regulated as a financial services company.”

Looks like all those Libra domain registrations will be a write off for domain investors.


Back to Featured Articles on Logo Paperblog

Magazines