Latest in Tomorrow

Image credit:

WSJ: Visa, Mastercard are reconsidering support for Facebook Libra

The cryptocurrency scheme could be in trouble if it loses major partners.
Richard Lawler, @Rjcc
October 1, 2019
Share
Tweet
Share

Sponsored Links

josefkubes via Getty Images

It has been a few months since Facebook officially announced its "Libra" cryptocurrency push with support from some big names including Visa and Mastercard. Since then we've heard little about it other than increasing scrutiny from regulators, bankers and politicians around the world, while those partners have mostly remained quiet.

The Wall Street Journal reports today that executives from unnamed partner companies have refused to support Libra publicly, despite requests from Facebook for them to do so. It claims, based on anonymous sources, that Visa, Mastercard and others are now reconsidering their involvement altogether. This all comes out as members of the Libra Association are preparing to meet in Washington D.C. on Thursday, so we'll likely find out soon if they pull together or split apart.

Update (2:55 AM ET): Facebook's David Marcus responded to the article on Twitter, saying "For Libra to succeed it needs committed members, and while I have no knowledge of specific organizations plans to not step up, commitment to the mission is more important than anything else."

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Comment
Comments
Share
Tweet
Share

Popular on Engadget

The 2020 Engadget Holiday Gift Guide

The 2020 Engadget Holiday Gift Guide

View
'Marvel's Avengers' hasn't turned a profit yet

'Marvel's Avengers' hasn't turned a profit yet

View
The best TV deals we could find for Black Friday

The best TV deals we could find for Black Friday

View
'Star Wars Squadrons' next-gen update packs 4K, 120 FPS tweaks

'Star Wars Squadrons' next-gen update packs 4K, 120 FPS tweaks

View
CD Projekt Red shows off 'Cyberpunk 2077' next-gen gameplay

CD Projekt Red shows off 'Cyberpunk 2077' next-gen gameplay

View

From around the web

Page 1Page 1ear iconeye iconFill 23text filevr