{"id":47999,"date":"2019-10-05T08:21:00","date_gmt":"2019-10-05T06:21:00","guid":{"rendered":"https:\/\/ethereumworldnews.com\/?p=47999"},"modified":"2019-10-05T08:24:05","modified_gmt":"2019-10-05T06:24:05","slug":"rats-desert-sinking-ship-how-paypal-dumping-facebook-is-good-for-bitcoin","status":"publish","type":"post","link":"https:\/\/ethereumworldnews.com\/rats-desert-sinking-ship-how-paypal-dumping-facebook-is-good-for-bitcoin\/","title":{"rendered":"Rats Desert Sinking Ship: How PayPal Dumping Libra is Good For Bitcoin"},"content":{"rendered":"
Social media giant Facebook has been on the receiving end of a barrage of regulatory pressure since announcing its crypto project Libra earlier this year. As the digital ship starts to spring leaks before it is even launched, the rats are already deserting it.<\/p>\n
Global payments giant PayPal has announced its departure from Facebook\u2019s Libra project as Mark Zuckerberg\u2019s digital woes deepen. The blow is particularly painful for project lead David Marcus who once headed PayPal. It is the first major partner to leave the 28 member consortium just a few months after it was formed.<\/p>\n
As the cracks in Facebook\u2019s grand ambitions for global financial dominance begin to widen, the likelihood of Libra actually launching diminishes by the day. This latest move comes a few days after the WSJ reported that a few corporate supporters of the project were considering jumping the \u2018crypto mafia\u2019 ship.<\/p>\n
In a statement to media<\/a> the online payments monopoly stated;<\/p>\n \u201cPayPal has made the decision to forgo further participation in the Libra Association at this time. We remain supportive of Libra\u2019s aspirations and look forward to continued dialogue on ways to work together in the future.\u201d<\/p><\/blockquote>\n Both companies profess to a benevolent mission in serving the unbanked, however both also make billions of dollars in profits from these \u2018services\u2019. The notion that they are no longer willing to work together simply highlights that a centralized profit driven digital currency is not the way forward.<\/p>\n