RATE Group | Libra: PayPal first to drop out of Facebook cryptocurrency
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Libra: PayPal first to drop out of Facebook cryptocurrency

28 Oct Libra: PayPal first to drop out of Facebook cryptocurrency

Posted at 03:11h in Cryptocurrency News by

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PayPal was one of the first companies to join Facebook’s planned cryptocurrency network

Payments firm PayPal has become the first company to pull out of an alliance that is trying to launch Facebook’s digital currency Libra.

PayPal made the announcement in a statement on Friday, but did not specify what had prompted the decision.

Libra, and its digital wallet Calibra, were revealed by Facebook in June.

But the cryptocurrency has been criticised by regulators, and both France and Germany have pledged to block it from Europe.

PayPal said it “[remained] supportive of Libra’s aspirations” but had chosen to focus on its own core businesses.

The firm was one of the original members of the Libra Association, a group of 28 companies and non-profits helping to develop…

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