Mercado Libre withdraws from Facebook Libra cryptocurrency initiative

Contxto – It appears as though Facebook is having some difficulties with its anticipated Libra cryptocurrency. Despite ambitious plans to democratize financial inclusion across the world, it’s not exactly getting the support it needs to gain momentum, especially in Latin America with Mercado Libre’s recent deviation.

Recently, some of Facebook’s key partners reportedly abandoned the crypto coin initiative following widespread international ridicule, Mercado Libre being one of them. Now, this is causing speculation that this project could simply be too good to be true.

Loss of financial partners

When it comes to Mercado Libre’s involvement, the Argentine unicorn was originally a strategic member due to its Mercado Pago platform. When looking at the bigger picture, these events have ultimately left the Libra Association without any payment partners.

This could certainly cause complications in terms of providing financial transactions in the long run. So far, none of the firms…