The news seems to go from bad to worse for the Facebook cryptocurrency project, as the online travel company Booking Holdings moved away from the Libra Association, a non-profit organization. As Bloomberg reports that means that seven of the original 28 Libra members have left the project.
Facebook announced in June that it would launch Libra, an ambitious entry into the cryptocurrency business made with the support of major financial institutions. But the plan soon faced scrutiny from regulators around the world, who questioned the influence Facebook would have with its own currency.
Faced with the violent reaction, PayPal abandoned the project early last month. The situation reached a peak last week, when two senators questioned three other companies about the association in the project, saying that "the key questions remain unanswered about the risks that the project represents for consumers, regulated financial institutions and the global financial system. " Mastercard, Stripe, Mercado Pago and eBay also quickly abandoned the plan.
The founding members of the Libra Association met Monday in Geneva and will determine a letter for the non-profit organization. The timing of the games suggests that some companies got cold before that meeting, and as members determine a path ahead, the future of the project seems increasingly uncertain.