In the span of one week, four big corporate partners have backed out of Facebook’s controversial plan to launch a digital currency called Libra.
PayPal bailed last Friday, and now eBay, Mastercard, and Stripe are tripping over each other on their way out the door.
Another major partner, Visa, has also been reportedly “reconsidering” its role in the nonprofit organization charged with running Libra, according to the Wall Street Journal.
The departures follow opposition to the project from France as well as the House Financial Services Committee—the latter will get to hear from CEO Mark Zuckerberg himself in a hearing on October 23.
The Libra Association’s remaining partners, including Uber, S-potify, and Coinbase, plan to gather next week in Geneva, Switzerland, to appoint a board of directors for the group.
The ongoing scrutiny of Libra makes Facebook’s partners all the more vital to actually launching Libra. But already, many of the financial heavyweights that signed on for Libra seem to have lost interest in offering Facebook anything more than verbal support.
“We highly respect the vision of the Libra Association; however, eBay has made the decision to not move forward as a founding member,” an eBay spokesperson said in a statement published by Bloomberg. Likewise, a Stripe spokesperson kindly wrote, “Stripe is supportive of projects that aim to make online commerce more accessible for people around the world. Libra has this potential.”
But apparently there’s not enough potential for these partners to want to wait out the storm with Zuckerberg.