Posted 1 year ago | by Bethany Armstrong
Facebook's cryptocurrency project, Libra Association, members are quickly dwindling. When the Libra Association was originally unveiled, Libra boasted of nearly 30 members.
Libra's original member number has begun to dwindle. Members of the Libra Association have begun to back out. It has been a domino effect for the Libra Association members. Once one member backed out, others have begun to follow suit.
PayPal was the first Libra Association member to relinquish membership. Within a week of PayPal's announcement, MasterCard, Visa, Ebay, and Stripe all followed and also withdrew. Two Senators sent a letter to MasterCard, Visa and Stripe. That letter threatened that the US Government would come after them with enhanced regulated scrutiny.
October 14th was the official meeting of the Libra Association members. The meeting took place in Geneva. The meeting's agenda included signing "the council charter, elected its Board of Directors and appointed executive team members".
Moments before the meeting took place, Booking Holding, the travel company behind Booking.com, Kayak and Priceline, formally withdrew from the Libra Association. Booking Holding's withdraw joins the growing list of companies breaking off association with the Facebook cryptocurrency project.
Meanwhile, Libra Association is not deterred by the membership withdraws. Libra Association policy head Dante Disparte has indicated that the companies leaving the Libra Association membership are not a setback. Disparte claims there are 180 other applicants ready to step in.
Currently, Uber, Lyft, and Spotify are amongst the remaining 21 members.
Facebook's Mark Zuckerberg is scheduled to testify before Congress about the Libra Association on October 23.
Libra Association has faced worldwide scrutiny from government leaders across the globe. The US government and the European Union have been intensely critical of Libra.