PayPal pulls out of Facebook’s Libra cryptocurrency | Technology

PayPal has become the first company to drop out of Facebook’s Libra cryptocurrency, as the embattled project continues to face queries from regulators around the world.

Libra is technically an association backed by 28 – now 27 – multinational companies and nonprofits, although Facebook takes the lead, and a Facebook subsidiary, Calibra, is intended to be the main way consumers will interact with the project. Each of the companies involved had to pledge $10m (£8m) into a common pot to join.

PayPal did not give a reason for leaving the project. It said in a statement: “PayPal has made the decision to forgo further participation in the Libra association at this time and to continue to focus on advancing our existing mission and business priorities as we strive to democratise access to financial services for underserved populations.

What is Libra?

Facebook says Libra is a ‘global currency and financial infrastructure’ – a digital asset built by Facebook and powered by a…