EBay, Stripe join PayPal in exiting Facebook’s cryptocurrency Libra

FILE PHOTO: An eBay sign is seen at an office building in San Jose, California May 28, 2014. REUTERS/Beck Diefenbach/File Photo

(Reuters) – EBay Inc (EBAY.O) and Stripe are leaving Libra Association, the entity managing the Facebook-led effort to build a global digital currency said on Friday, joining Paypal Holdings Inc (PYPL.O) which exited the group just a week ago.

“We highly respect the vision of the Libra Association; however, eBay has made the decision to not move forward as a founding member,” EBay said in a statement.

Facebook announced plans to launch the digital currency in June 2020 in partnership with other members of Libra Association, but the project quickly ran into trouble with skeptical regulators around the world.

France and Germany last month pledged to block Libra from operating in Europe and backed the development of a public cryptocurrency instead.

“We look forward to the inaugural Libra Association Council meeting in just 3 days and announcing the initial members of the Libra Association,” said Dante Disparte, head of policy and communication for the Libra Association, while confirming the exits.

Reporting by Munsif Vengattil in Bengaluru; Editing by Shinjini Ganguli

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