Author: Colin Lecher
Illustration by William Joel / The Verge
The news seems to be going from bad to worse for Facebook’s cryptocurrency project, as online travel company Booking Holdings has stepped away from the nonprofit Libra Association. As Bloomberg reports, that means seven of Libra’s original 28 members have exited the project.
Seven of 28 founders are out
Facebook announced in June that it would launch Libra, an ambitious entry into the cryptocurrency business made with the support of major financial institutions. But the plan soon faced scrutiny from regulators around the world, who have questioned the influence Facebook would wield with a currency of its own.
In the face of the backlash, PayPal left the project earlier last month. The situation came to a boil last week, as two senators...
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Continue reading...
The news seems to be going from bad to worse for Facebook’s cryptocurrency project, as online travel company Booking Holdings has stepped away from the nonprofit Libra Association. As Bloomberg reports, that means seven of Libra’s original 28 members have exited the project.
Seven of 28 founders are out
Facebook announced in June that it would launch Libra, an ambitious entry into the cryptocurrency business made with the support of major financial institutions. But the plan soon faced scrutiny from regulators around the world, who have questioned the influence Facebook would wield with a currency of its own.
In the face of the backlash, PayPal left the project earlier last month. The situation came to a boil last week, as two senators...
Continue reading…
Continue reading...