On Oct. 11, Coindesk reported that at least four individuals and organizations denied the fact that they support the OpenLibra project. Others are minimizing their involvement in OpenLibra, which aims to become an alternative to Facebook’s Libra.

The founder of the OpenLibra project, Lucas Geiger, reportedly misrepresented some of the organizations involved in the project.

OpenLibra founder apologized through Telegram

Ethereum developer Lane Rettig excitedly took to Twitter on Oct. 8 to share Geiger’s announcement of OpenLibra at the Ethereum developer conference Devcon 5, in Osaka, Japan, adding:

“Seeing #openlibra publicly announced for the first time is sending shivers down my spine. I am so excited about this initiative to ‘lock the door open’ for libra tech.”

During the launch, certain names were mistakenly associated with the project, while other names were used without proper permission. Some organizations were presented as members, when, in fact, they have nothing to do with OpenLibra. Geiger later apologized in a Telegram message to Chainlink CEO Sergey Nazorov and Coindesk, saying:

“We’ve been in a rush preparing materials, and my team took a list I had of partners and potential partners and put it on the site. It’s removed now. Apologies for the trouble that this has caused. I should have reviewed more closely.”

Launch of OpenLibra

Cointelegraph reported on Oct. 9 that OpenLibra’s developers had released the first version of the proposed alternative to Facebook’s Libra stablecoin. The website explains:

“Despite pushback from nation-states, we believe that Facebook is likely to succeed in their goal. OECD Governments will be focused on their own outcomes, and in reality have little legislative power to leverage against a transnational force such as Facebook’s Libra. For that reason we are creating OpenLibra.”

Visa, EBay, Stripe and Mastercard Abandon Facebook’s Libra Project

Visa, EBay, Stripe and Mastercard have all announced that they are dropping out of Facebook’s Libra Association and its associated stablecoin project.

Four companies abandon ship

On Oct. 11, Bloomberg reported that Ebay, Stripe and Mastercard had decided to drop out of Facebook’s Libra cryptocurrency project. Within minutes, Visa said it had also decided not to join the Libra Association, according to The Block.

The news comes one week after payment processor PayPal announced its withdrawal from the Libra stablecoin project as regulators continue to scrutinize the project.

The companies have expressed respect for Facebook’s vision and claim to see continued potential in the project, but chose to redirect their focus for the time being.

Cointelegraph previously reported that Visa, Mastercard and Stripe were trying to ensure that Facebook’s crypto project wasn’t harming their relationships with regulators. The three payments giants hinted that Facebook had exaggerated claims that regulators were comfortable with Libra. Stripe initially denied it was considering a U-turn, but said today in a statement:

“Stripe is supportive of projects that aim to make online commerce more accessible for people around the world. Libra has this potential. We will follow its progress closely and remain open to working with the Libra Association at a later stage.”

Coinbase CEO supports Libra

Brian Armstrong, CEO and co-founder of major crypto exchange Coinbase, recently said that he believes that “the way the U.S. government reacted it’s like they almost want to be left behind.”

He also echoed his concerns over the United States possibly becoming obsolete due to innovation obstruction, adding:

“The way for countries to remain relevant over the long term and continue to have high economic growth is to invest in science, technology, and innovation. If the government can help here, even better. But first it needs to do no harm.”

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