The Facebook executive responsible for the embattled cryptocurrency said he doesn’t fault companies that pulled out of the project, adding that he’s optimistic more organisations will sign on.
Facebook’s effort to create a cryptocurrency was dealt a blow on Friday after several key partners, including Mastercard, Visa, eBay, Stripe and Mercado Pago, abandoned the project.
Two US senate Democrats are urging three payment processing companies to reconsider their involvement with the libra cryptocurrency project envisioned by Facebook and a coalition of other groups.
Microsoft, Mastercard and the Hewlett Foundation are funding a new organisation that is planning to help dissidents and other vulnerable groups across the world defend against hackers.
Visa, Mastercard and PayPal may have boosted the single, greatest risk they face – that of tougher regulation – by becoming early backers for Facebook’s new digital money, called libra.
Facebook is to launch a cryptocurrency next year – backed by the likes of Mastercard, Visa and PayPal – which will allow people to move money from their smartphones.
Jumia Technologies said on Monday that Mastercard has agreed to invest €50-million in a private placement ahead of the Africa-focused online retailer’s planned initial public offering in New York.