Technology

PayPal gives up Facebook's Libra Project

Libra's partners list still counts with other huge companies such as Visa, Uber, and Mastercard

PayPal gave up Libra
  • PayPal was the first big company to give up on the Libra’s project in order to focus on its own projects
  • Losing this partnership might have a direct impact on how trustable the market sees Libra
  • After facing so many troubles, Libra’s release may not happen next year as announced previously

In June, Libra was announced as a revolutionary solution for the financial worldwide market with huge partners onboard. But to go further with the project definitely won’t be an easy thing to do, not even for Mark Zuckerberg.   

After facing inquiries from the US and European governments, Libra has to deal with a big loss on the partner list, as PayPal pulled out of the project according to The New York Times, broking an important share of Facebook’s goal of presenting the cryptocurrency as a project controlled for big companies – and not only for Zuckerberg’s company. Now, it might have a direct impact on how trustable the project looks for the market and generate even more problems for making Libra possible. 

READ ALSO: “Libra’s Facebook: What’s in it for other partners of the new cryptocurrency?

According to The New York Times, PayPal’s spokeswoman, Amanda Coffee, explained the decision by telling that “PayPal has made the decision to forgo further participation in the Libra Association at this time and to continue to focus on advancing our existing mission and business priorities.”

Besides Mark Zuckerberg’s efforts to keep Libra alive, he has also admitted that his company has a longer way than expected to get this project out of the paper and said in interviews that the cryptocurrency’s release might not happen next year as announced previously.