Illustration by William Joel / The Verge
Visa, Mastercard, eBay, Stripe, and Mercado Pago have all withdrawn from the Libra Association, dealing a major blow to Facebook’s plans for a distributed, global cryptocurrency. The withdrawals were first reported by the Financial Times and Bloomberg.
A Visa spokesperson told The Verge. “Visa has decided not to join the Libra Association at this time,” the spokesperson said. “We will continue to evaluate and our ultimate decision will be determined by a number of factors, including the Association’s ability to fully satisfy all requisite regulatory expectations.”
The withdrawals leave Libra with no major US payment processor, a serious issue for the fledgling project. They also come just one week after PayPal (eBay’s former subsidiary) w…