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’s plan to create a blockchain-based stablecoin called Libra took a body blow on October 11, when five main partners including Mastercard and Visa withdrew.
PayPal has formally withdrawn from the Libra Association, the payments company announced on October 4.
The Libra Association would not quite deny reports that digital payment service PayPal is withdrawing from the group, designed to oversee Facebook’s highly controversial, proposed cryptocurrency.