Oct 11, 2019 - Technology

More companies drop out of Facebook-led cryptocurrency plan

Photo: Rafael Henrique/SOPA Images/LightRocket via Getty Images

Visa, Mastercard, eBay and Stripe have followed in PayPal's footsteps and decided not to go forward with their participation in Libra, the digital currency network spearheaded by Facebook, according to CNBC.

Why it matters: Facebook spent more than a year quietly working on the project, and rallied 27 organizations to tentatively agree to participate. However, the Libra Association has faced an avalanche of criticism and scrutiny from regulators worldwide, though it's done little more than publish its plans. Facebook CEO Mark Zuckerberg is set to testify on the topic in front of the House Financial Services Committee on Oct. 23.

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