In an interview with Yahoo Finance on Oct. 15, Calibra’s David Marcus argued that Facebook’s cryptocurrency project is “absolutely not” in jeopardy after PayPal, Visa, Mastercard, Stripe, eBay, Mercado Pago and Booking quit the Libra Association.

Head of Facebook’s Calibra claimed that the recent withdrawal of the seven firms from the Libra Association has no impact on the project.

Dropouts will still be able to work with Libra

Marcus emphasized that companies outside the formal association will still be able to offer services on the platform:

“One thing that is not well understood is that you don’t need to be a member of the Libra Association to build services and products. So if Visa and Mastercard want to issue cards for Libra wallet at a later stage, they can still do it without being members of the association.”

The Calibra executive further expressed his respect to the seven companies’ decision to leave the project and thanked the firms for having the courage to “look at potentially disrupting themselves.”

Marcus said that he understands that the firms have a responsibility to their shareholders, which “were under a lot of pressure.”

The withdrawal has nothing to do with regulatory concerns

According to Marcus, the departure of the seven firms has nothing to do with regulatory matters as Libra project is “fleshing out all of the regulatory requirements and oversight required for this to operate.”

However, the executive admitted that the process around Libra will continue to be difficult and will become even harder before it gets easier, while the association members should have the passion, energy and fortitude to press forward.

The news comes after Libra was formally founded in Geneva, Switzerland, on Oct. 14, with the 21 remaining initial members, including Uber, Lyft, Coinbase, Spotify and Vodafone.

As reported, Libra hopes to attract 100 members before its public launch slated for the first half of 2020.

Meanwhile, U.S. Rep. Warren Davidson said recently that Facebook adding Bitcoin to Calibra would be a “way better idea” than creating a new currency.

British Telecoms Giant Latest Member to Bail on Libra Association

Adding to a lengthy list of departures last fall, telecom giant Vodafone has departed the Libra association, a spokesperson from Vodafone confirmed to Cointelegraph in an email on Jan. 21, 2020.

The representative said:

“Vodafone Group has decided to withdraw from the Libra Association. We have said from the outset that Vodafone’s desire is to make a genuine contribution to extending financial inclusion. We remain fully committed to that goal and feel that we can make the most contribution by focusing our efforts on M-Pesa. We will continue to monitor the development of the Libra Association and do not rule out the possibility of future co-operation.”

M-Pesa is an African mobile payment option developed by Safaricom, a Kenya-based outfit Vodafone collaborates with.

Libra remains unshaken

Cointelegraph also received a statement from the Libra Association on Jan. 21 regarding the telecom’s departure. “We can confirm that Vodafone is no longer a member of the Libra Association”, Dante Disparte, head of policy and communications for the Libra Association, said in the statement.

“Although the makeup of the Association members may change over time, the design of Libra’s governance and technology ensures the Libra payment system will remain resilient”, Disparte added. “The Association is continuing the work to achieve a safe, transparent, and consumer-friendly implementation of the Libra payment system.”

Vodafone joins other exits

Almost immediately after Facebook released the white paper for its Libra digital asset, the project came under regulatory fire, ultimately stalling the project’s progress.

In the latter part of 2019, many mainstream giants decided to leave the Libra Association, the main entity behind the digital asset.

In October 2019, Cointelegraph reported on several high profile departures from the association, including Visa, Mastercard, eBay and PayPal.

cointelegraph.com

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