• Facebook's chief seems to be losing, for once. (Anthony Quintano via Wikimedia Commons)
    Libra

    Despite being called ‘global threat’, Libra Association launches

    A signing ceremony by the cryptocurrency’s members was overshadowed by dropouts and a report calling stablecoins a threat to the global economy

    Facebook’s wounded Libra Association formally voted itself into existence on October 14, electing a board and choosing officers. The ceremony was overshadowed by the loss of seven original members including Mastercard and Visa.

  • Facebook dislike Thumbs down (via Wikimedia Commons).
    Cryptocurrencies

    Facebook’s Libra cryptocurrency project is crumbling

    Visa, Mastercard, eBay, Stripe, and Mercado Pago withdrew on October 11, leaving the stablecoin on its knees

    Facebook’s Libra cryptocurrency plan began to collapse over the course of a few hours on the evening of Friday, October 11. Like dominoes toppling, many of its major partners began pulling out...

  • Lucas Geiger said OpenLibra is going to hijack Libra, but in a "non-adversarial" way (Lane Rettig, via Twitter).
    Libra

    OpenLibra plans fork to create Facebook-free version of Libra stablecoin

    A group of blockchain developers threatened to split the Libra cryptocurrency’s blockchain and create a competitor free from corporate control

    Facebook’s Libra stablecoin may be years from becoming a reality, but that didn’t stop a group of blockchain companies calling itself OpenLibra from announcing plans to fork the stablecoin. News of the preemptive split came at the Ethereum developer conference Devcon 5 in Osaka, Japan on October 9. Lucas Geiger, co-founder of blockchain infrastructure firm Wireline, described the OpenLibra project, as aimed squarely at the corporate control of Libra. Essentially, OpenLibra would be pegged to the Libra coin, a cryptocurrency which will be backed by a basket of fiat currencies to keep its price level. Using the tagline “lock the door open,” the newly launched OpenLibra website called itself an…

  • PayPal's move is a personal blow for David Marcus, the man heading up the Libra project. Earlier in the decade, he was president of PayPal (via Wiki commons).
    Libra

    PayPal quits Libra cryptocurrency project

    We’re better off without you, the Libra Association’s head of policy said after PayPal withdrew from Facebook’s controversial stablecoin project

    PayPal has formally withdrawn from the Libra Association, the payments company announced on October 4.