PayPal pulls out of Facebook-led Libra cryptocurrency group
PayPal Holdings Inc. pulled out of the Libra Assn., dealing a blow to Facebook Inc.’s effort to develop a digital currency.
The Libra Assn., a group of companies Facebook has assembled to oversee the cryptocurrency, has 28 founding members. The organization has asked these members to reaffirm their commitment to the project later this month, according to three people familiar with the matter. Before Libra was unveiled, the companies signed nonbinding letters of intent to explore joining the association.
PayPal departed with amicable words. “We remain supportive of Libra’s aspirations and look forward to continued dialogue on ways to work together in the future,” the company said Friday. “Facebook has been a longstanding and valued strategic partner to PayPal, and we will continue to partner with and support Facebook in various capacities.”
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