Facebook’s Libra project suffered yet another public setback on Friday, as four of the Libra Association’s founding members announced their exit from the project, CNBC reports. The four early project backers – Visa, eBay, Stripe, and Mastercard – all indicated that they continue to support efforts like Libra but have decided to focus their attention on their own business goals.
Earlier reports have indicated that there were 28 business organizations in the new Libra Association, including Facebook. PayPal became the first of those early backers to abandon the project when the company announced its exit from the association last week.
The exits come on the heels of recent reports that some Libra Association members were having reservations about signing on to a formal charter some time this month. Those reports had suggested that the members were hesitant to make that commitment during a period in which the project continues to face intense scrutiny and resistance from lawmakers and regulators.
According to CNBC, two other early backers, Uber and Lyft, claim that they have no plans to alter their involvement with Libra.
In a statement announcing the news, Visa indicated that it will continue to assess the project, and any future potential involvement with Libra will be dependent upon how well the Association can satisfy regulators’ concerns. The company also reaffirmed its belief in the potential benefits of blockchain technology:
“Visa’s continued interest in Libra stems from our belief that well-regulated blockchain-based networks could extend the value of secure digital payments to a greater number of people and places, particularly in emerging and developing markets.”
Meanwhile, the Libra Association’s inaugural meeting is scheduled for October 14. The Association plans to announce its initial membership at that time. The following week, Facebook CEO Mark Zuckerberg is expected to testify about the Libra digital currency project before the House Financial Services Committee.