TechCentralTechCentral
    Facebook Twitter YouTube LinkedIn
    Facebook Twitter LinkedIn YouTube
    TechCentralTechCentral
    NEWSLETTER
    • News

      Fixing SA’s power crisis is not complex: it simply takes the will to do better

      12 August 2022

      Consortium makes unsolicited bid for state’s 40% stake in Telkom

      12 August 2022

      Actually, solar users should pay more to access the grid – here’s why

      12 August 2022

      Telkom says MTN talks remain on track

      12 August 2022

      Analysis | Rain muddies the waters with approach to Telkom

      11 August 2022
    • World

      Tencent woes mount, even after $560-billion selloff

      12 August 2022

      Huawei just booked its first sales rise since US blacklisting

      12 August 2022

      Apple remains upbeat about iPhone sales even as Android world suffers

      12 August 2022

      Ether at two-month high as upgrade to blockchain passes major test

      12 August 2022

      Gaming industry’s fortunes fade as pandemic ends

      11 August 2022
    • In-depth

      African unicorn Flutterwave battles fires on multiple fronts

      11 August 2022

      The length of Earth’s days has been increasing – and no one knows why

      7 August 2022

      As Facebook fades, the Mad Men of advertising stage a comeback

      2 August 2022

      Crypto breaks the rules. That’s the point

      27 July 2022

      E-mail scams are getting chillingly personal

      17 July 2022
    • Podcasts

      Qush on infosec: why prevention is always better than cure

      11 August 2022

      e4’s Adri Führi on encouraging more women into tech careers

      10 August 2022

      How South Africa can woo more women into tech

      4 August 2022

      Book and check-in via WhatsApp? FlySafair is on it

      28 July 2022

      Interview: Why Dell’s next-gen PowerEdge servers change the game

      28 July 2022
    • Opinion

      No reason South Africa should have a shortage of electricity: Ramaphosa

      11 July 2022

      Ntshavheni’s bias against the private sector

      8 July 2022

      South Africa can no longer rely on Eskom alone

      4 July 2022

      Has South Africa’s advertising industry lost its way?

      21 June 2022

      Rob Lith: What Icasa’s spectrum auction means for SA companies

      13 June 2022
    • Company Hubs
      • 1-grid
      • Altron Document Solutions
      • Amplitude
      • Atvance Intellect
      • Axiz
      • BOATech
      • CallMiner
      • Digital Generation
      • E4
      • ESET
      • Euphoria Telecom
      • IBM
      • Kyocera Document Solutions
      • Microsoft
      • Nutanix
      • One Trust
      • Pinnacle
      • Skybox Security
      • SkyWire
      • Tarsus on Demand
      • Videri Digital
      • Zendesk
    • Sections
      • Banking
      • Broadcasting and Media
      • Cloud computing
      • Consumer electronics
      • Cryptocurrencies
      • Education and skills
      • Energy
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Motoring and transport
      • Public sector
      • Science
      • Social media
      • Talent and leadership
      • Telecoms
    • Advertise
    TechCentralTechCentral
    Home»Sections»Cryptocurrencies»Setback for Facebook as PayPal bails on libra

    Setback for Facebook as PayPal bails on libra

    Cryptocurrencies By Agency Staff6 October 2019
    Facebook Twitter LinkedIn WhatsApp Telegram Email

    PayPal has pulled out of the Libra Association, a blow to Facebook’s efforts to develop a digital currency.

    “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 democratise access to financial services for under-served populations,” the payments company said in a statement. A Facebook spokeswoman declined to comment.

    Several founding members of the Facebook-led project have been wavering over whether to fully embrace the effort because they’re concerned about maintaining positive relationships with regulators who have reservations about the initiative, people familiar with the matter said earlier this week.

    PayPal’s decision to bail is notable because David Marcus, the Facebook executive leading the initiative, used to be president of PayPal

    Concerns that PayPal might back away from the project intensified on Thursday when the company was mysteriously absent from a meeting of association members in Washington. All of the other original partners were in attendance, according to people familiar with the situation who asked not to be identified discussing a private meeting.

    PayPal’s decision to bail is notable because David Marcus, the Facebook executive leading the initiative, used to be president of PayPal. Facebook’s blockchain team also has many former PayPal employees.

    The Libra Association, the group of companies Facebook has assembled to oversee the cryptocurrency, has 28 founding members. The organisation has asked these members to reaffirm their commitment to the project later this month. Before libra was unveiled, the companies signed nonbinding letters of intent to explore joining the association.

    ‘Not an easy path’

    Dante Disparte, head of policy and communications for the Libra Association, confirmed PayPal’s decision, and said the first Libra Council meeting will take place on 14 October.

    “This journey to build a generational payment network like the libra project is not an easy path,” he added in a statement. “We recognise that change is hard, and that each organisation that started this journey will have to make its own assessment of risks and rewards of being committed to seeing through the change that libra promises.”

    Disparte also noted that 1 500 “entities” have indicated “enthusiastic interest” in being part of the association. Some of those entities already have contracts in the works to join libra, according to people familiar with the matter, though they’ll have to wait until original partners sign the official charter later this month.

    “We remain supportive of libra’s aspirations and look forward to continued dialogue on ways to work together in the future,” PayPal said on 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.”  — Reported by Julie Verhage and Kurt Wagner, with assistance from Lydia Beyoud and Olga Kharif, (c) 2019 Bloomberg LP

    David Marcus Facebook Libra PayPal top
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email
    Previous ArticleFacebook ‘can’t be a policeman’ for the Internet
    Next Article Xerox positioned as a leader in new Quocirca report

    Related Posts

    Fixing SA’s power crisis is not complex: it simply takes the will to do better

    12 August 2022

    Consortium makes unsolicited bid for state’s 40% stake in Telkom

    12 August 2022

    Actually, solar users should pay more to access the grid – here’s why

    12 August 2022
    Add A Comment

    Comments are closed.

    Promoted

    Get your brand in front of TechCentral’s amazing audience

    12 August 2022

    Pricing Beyond CMYK: printers answer the FAQs

    11 August 2022

    How secure is your cloud?

    10 August 2022
    Opinion

    No reason South Africa should have a shortage of electricity: Ramaphosa

    11 July 2022

    Ntshavheni’s bias against the private sector

    8 July 2022

    South Africa can no longer rely on Eskom alone

    4 July 2022

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2022 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.