10/4/2019, 9:49 PM (Source: TeleTrader)
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PayPal withdraws from Libra project

PayPal Inc. has withdrawn from Facebook Inc.'s cryptocurrency project Libra on Friday, confirming yesterday's media reports.

A spokesman for the online payments giant stated the company made the decision to forgo further participation while remaining supportive of Libra's mission. PayPal will continue discussions on ways to work together with the project in the future, the spokesman added.

Reportedly, Visa Inc., Mastercard Inc., and other financial partners are also reconsidering their involvement with the cryptocurrency project due to regulatory reactions to its development.

Breaking the News / MD