RATE Group | PayPal Backs Out of Facebook’s Cryptocurrency Scheme. How is the Tech World Responding?
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PayPal Backs Out of Facebook’s Cryptocurrency Scheme. How is the Tech World Responding?

09 Oct PayPal Backs Out of Facebook’s Cryptocurrency Scheme. How is the Tech World Responding?

Posted at 01:18h in Cryptocurrency News by

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  • A number of tech experts are calling PayPal’s decision to back out of Facebook’s cryptocurrency plan a “blow” to the social media giant.

  • The decision came after other major companies like Visa and Mastercard were reportedly reconsidering their involvement in the program, according to The Wall Street Journal.

  • Libra was founded by former PayPal President David Marcus, who started working for Facebook in 2014.

Tech journalists and experts are calling PayPal’s Friday announcement that it will be backing out of Facebook’s plan to develop a cryptocurrency system a “blow” to the social media giant.

The online banking system was not a formal partner and the cryptocurrency program, Libra, has not officially launched; however, some reporters described its decision to withdraw from the plan as bad news for the social media site’s financial endeavors.

“PayPal says it’s not going to be part of the Libra Association. Blow to Facebook, especially considering David…

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