RATE Group | PayPal withdraws from association overseeing Facebook’s Libra cryptocurrency
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PayPal withdraws from association overseeing Facebook’s Libra cryptocurrency

04 Oct PayPal withdraws from association overseeing Facebook’s Libra cryptocurrency

Posted at 21:00h in Cryptocurrency News by

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Facebook Libra Virtual Currency

Facebook and its partners plan to launch a new cryptocurrency called Libra in 2020. 


Thomas Trutschel via Getty Images

Payments company PayPal is withdrawing from an association made up of Facebook and other companies that are overseeing a new cryptocurrency called Libra scheduled to launch in 2020.

The move by PayPal underscores the challenges that Facebook and its partners that are part of the Libra Association face as the group tries to get the cryptocurrency off the ground. 

“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 democratize access to financial services for underserved populations,” said Amanda Christine Miller, a…

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