Payments News

PayPal Pulls Out of Libra, Facebook’s Cryptocurrency Project

Oct 07, 2019
SAN FRANCISCO — PayPal said on Friday that it had pulled out of the coalition of companies involved in a Facebook-backed cryptocurrency initiative, in the latest headache for the social network’s effort.

The proposed cryptocurrency, Libra, has been in the works at Facebook for more than a year and was announced to much fanfare in June. Libra was designed to function as a cryptocurrency that could be freely traded inside Facebook’s properties, like Messenger and WhatsApp, and would be used for international exchange. At the time, Facebook said more than 27 corporate partners — including PayPal, Visa, Mastercard and companies like Uber — had pledged to support the project.

By Mike Isaac, Nathaniel Popper and Cecilia Kang

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