Bloomberg Law
Free Newsletter Sign Up
Bloomberg Law
Welcome
Go
Free Newsletter Sign Up

PayPal Bails on Facebook-Led Libra Cryptocurrency Dream (3)

Oct. 4, 2019, 7:41 PMUpdated: Oct. 4, 2019, 9:13 PM

PayPal Holdings Inc. pulled out of the Libra Association, a blow to Facebook Inc.’s efforts to develop a digital currency.

“PayPal has made the decision to forgo further participation in the Libra Association at this time and to continue to focus on advancing our existing mission and business priorities as we strive to democratize access to financial services for underserved populations,” the payments company said in a statement emailed to Bloomberg News on Friday. A Facebook spokeswoman declined to comment.

Several founding members of the Facebook-led project have been wavering over whether to fully embrace the effort because they’re ...

To read the full article log in.

Learn more about a Bloomberg Law subscription.