PayPal Withdraws Support For Facebook’s Libra

The Libra project has been surrounded by controversial opinions with some crypto enthusiasts criticizing the project and others saying that it will definitely change the world of digital assets and maybe even trigger the mass adoption of cryptos.

For instance, Ripple’s CEO Brad Garlinghouse revealed his own thoughts about Libra.

He believes that the whole scrutiny that Facebook triggered is its own fault.

Other than that, the founder and CEO of Facebook, Mark Zuckerberg, said that the giant company is planning to take a consultative approach to develop the controversial Libra.

PayPal withdraws support for Libra

It’s been reported that PayPal has reportedly withdrawn its support for Facebook’s project Libra.

The payment giant reportedly joined the nonprofit association back in June 2019 and it was one of the 28 members who were tasked with overseeing the development of the controversial project and its eventual launch next year.

PayPal seems to have grown concerned about the backlash against the digital asset Libra but it’s also worth noting that the company did not cite any specific reason for the fact that it dropped support for this project.

According to a statement given to The Verge, PayPal remains supportive of Facebook as a strategic partner, said the online publication the Daily Hodl.

“We remain supportive of Libra’s aspirations and look forward to continued dialogue on ways to work together in the future. Facebook has been a longstanding and valued strategic partner to PayPal, and we will continue to partner with and support Facebook in various capacities.”

The Libra Association released its roadmap

The Libra Association seems to be more resolute than ever. It’s also worth noting that it released its first roadmap just a few days ago:

“We continue to complete design work for all priority features. We are making good progress implementing features like Full Nodes. We’re working to define node reconfiguration specification will work prior to finalizing the Libra Protocol definition.”


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Brad Garlinghouse
Brad Garlinghouse

Garlinghouse is both the CEO and Chairman of Ripple Labs. This year, Ripple surpassed 300 partners, including over 115 banks worldwide. Having launched On-Demand Liquidity (ODL) for cross-border payments, Ripple now has more than 20 partners using XRP for ODL, including Moneygram, Western Union, and American Express.

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Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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