PayPal Officially Pulls Out of Libra Association

As news agency Financial Times reported on Oct. 3, PayPal did not attend a meeting of 28 Libra backers on Thursday. Payment processor PayPal has officially left the Libra Association, the governing body of Facebook’s Libra digital currency.

Libra “Pre-work” is not enough for PayPal

Following the payment provider’s no-show, a spokesperson for the firm told Cointelegraph on Oct. 4 that it officially left the association, adding:

“We remain supportive of Libra’s aspirations and look forward to continued dialogue on ways to work together in the future. Facebook has been a longstanding and valued strategic partner to PayPal, and we will continue to partner with and support Facebook in various capacities.”

The developments come on the back of existing rumors that up to three more of those backers are also considering quitting their roles as future node operators. The Times quoted a person close to PayPal as saying:

“It doesn’t seem that there was a lot of pre-work done with regulators. Payments companies don’t want that regulatory scrutiny to bleed into their businesses.”

Other key players reportedly wavering

As Cointelegraph reported on Oct. 2, the impetus behind similar worries for Visa, Mastercard and Stripe was ensuring Libra did not harm their relationships with regulators.

Libra has created controversy with lawmakers worldwide since its inception, with a common narrative revolving around the digital currency taking power over money away from governments.

Stripe subsequently denied it was considering a U-turn. Also this week, Libra developers outlined a roadmap for progress, revealing nodes were already testing communication with one another.

Crypto Custodian BitGo Announces EOS Support

Cryptocurrency trust and security company BitGo has announced the launch of a multisignature wallet and custody service for EOS.

According to the news release published on Aug. 22, BitGo officially added EOS to the list of its supported assets. The firm’s chief technology officer Ben Chan said:

“The EOSIO software has some innovative differentiators like its high transaction capacity and fee model that required our engineering team to scale our platform. We were able to successfully create an experience for EOS users that is seamless and consistent with how we support other coins and tokens.”

More than 200 cryptos supported

BitGo added that its security, custody, and liquidity services are protected by multisignatures, and all of the supported assets are integrated via a single application programming interface. The service now supports more than 200 coins and tokens.

As Cointelegraph recently reported, BitGo has appointed the wallet provider Xapo’s former senior vice president Pete Najarian its new chief revenue officer.

Leave a Reply

Your email address will not be published. Required fields are marked *