Technology

Facebook's Libra faces a series of losses in partnerships: Mastercard, Visa, Stripe, and others are out of the project

PayPal gave the kickoff to several give-ups on the cryptocurrency project

Libra faces a series of losses on Libras project
  • Mastercard, Visa, Stripe, and eBay have now announced the decision of also giving up on Libra’s project for now
  • All the regulatory troubles that the project is facing were the main motivation for the negative reactions

The worst possible scenario for Libra after PayPal‘s decision to pulled out of the project is happening. To win the market trust due to Facebook‘s bad reputation, Libra was announced to the market as an initiative from Zuckerberg’s company of building an association with big companies to take control of the new cryptocurrency. 

But the plan went down the drain. After all the regulation troubles faced by Libra, PayPal was the first one to went out of the project opening doors to several other quitters. Mastercard, Visa, Stripe, and eBay have also announced that they won’t go further with the cryptocurrency, and all of them said in statements that remain having a deep respect for the idea, but prefer to focus on their own projects right now. 

If we all know Mark Zuckerberg’s strategies well, he won’t give up easily on putting the project live and proving that it is possible, but it seems that the market is telling him that not without facing a good fight.