Facebook’s Libra is Losing Partners Fast

eBay, Mastercard, Mercado Pago, Stripe, and Visa will no longer participate in the Libra Association, the group working to launch Facebook’s ambitious global cryptocurrency. The exits were first reported by Bloomberg and the Financial Times.

Facebook is in a tough spot now that no major US payment processor is willing to partner with the Libra Association. This news also comes after PayPal announced its decision to withdraw from the organization on October 4.

Former PayPal President David Marcus who is the chief executive running the Libra Association tried to allay concerns from US lawmakers in a senate hearing in July. Lawmakers are not convinced that Facebook will be able to keep Libra secure and questioned whether a global cryptocurrency would give the social media company market dominance.

Facebook chief executive Mark Zuckerberg is set to testify before the House Financial Services Committee on October 23, where he is likely to face similar questions regarding the Libra Association.

Marcus commented on the withdrawal announcements in a series of tweets. He cautioned “against reading the fate of Libra into this update. Of course, it’s not great news in the short term, but in a way it’s liberating.”

Here’s a sneak peek at what the experience of using Calibra will be like:

“We highly respect the vision of the Libra Association,” eBay said in a statement. “However, eBay has made the decision to not move forward as a founding member. At this time, we are focused on rolling out eBay’s managed payments experience for our customers.”

Facebook Libra Calibra

Other companies gave a similar explanation for the withdrawal.

The Libra Association is a nonprofit in charge of managing the global cryptocurrency Calibra.

“Libra holds the potential to provide billions of people around the world with access to a more inclusive, more open financial ecosystem,” said Marcus in a statement on the founding of The Libra Association. “We look forward to participating in the Libra network as a Founding Member, as well as through providing our community with access to Libra through Calibra. We know the journey is just beginning, but together we can achieve Libra’s mission to create a simple global currency and financial infrastructure that will empower billions of people.”

Facebook’s Libra has been facing quite the criticism in recent months. The French Minister of the Economy and Finance, Bruno Le Maire, warned that Libra, Facebook’s controversial cryptocurrency, won’t be permitted in France if it’s launched as planned next year.

Governments and central banks around the globe perceive Calibra as a real threat to the global financial system. Despite attempts by governments and regulatory bodies to obstruct the cryptocurrency, Zuckerberg is preparing to launch as swiftly as possible and has even hired a group of lobbyist to find a middle ground with the regulators.