Vodafone Quits Facebook’s Libra Association2 min read

Another blow for Mark Zuckerberg and Facebook. Reportedly, Vodafone-the British Telecom giant has become the 8th company to pull out from Libra. Telecom giant Vodafone has confirmed the affirmation of leaving Libra to Coindesk. Later on, Facebook also confirmed the news.

The splitting gives off an impression of being agreeable, with Vodafone leaving explicitly to concentrate on its own payment system.  Unlike other partners who have already left the association, the regulatory concerns were not the main issues behind Vodafone’s departure.

Read More: Mastercard, Visa, eBay, and Stripe Also Retreat From Libra

Last year in June, Facebook founder Mark Zuckerberg announced that it would launch the digital currency in partnership with its other partners of the association. As per the module, the Libra association intends to operate independently and serve as a global payment solution. It would be supported by a basket of sovereign currencies including the U.S. dollar, the euro, the British pound, and others.

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Since then, the association has received a constant wave of criticism. Many of the world’s biggest economies have also shown massive concerns over the prospect of Libra and its future effect on the global economy.

To address the Vodafone departure. Libra Association head of policy and communication Dante Disparte has said-

“Although the makeup of the Association members may change over time, the design of Libra’s governance and technology ensures the Libra payment system will remain resilient.”

With the decision of leaving Libra, Vodafone became the 8th member on the list after Booking Holdings, eBay, Mastercard, Mercado Pago, PayPal, Stripe, Visa.

According to reports, Libra intends to admit new members to the association from this year. The waitlist is currently around 1500 companies. To get enlisted, a company requires at least two-thirds of the existing members voting in favor.

So, what it means for Libra? For us, it’s just a waiting game to figure what’s going to be the approach from Facebook to stop this bleeding of members from its association. Till then let’s wait and watch!

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