PayPal has officially decided to withdraw from Libra Association, the non-profit organisation behind the creation and eventual consumer rollout of Facebook's cryptocurrencyThe Verge reports.

While PayPal has not cited specific reasoning for the move, in a statement the company expressed its desire "to forgo further participation in the Libra Association at this time and to continue to focus on advancing our existing mission and business priorities." In response, Facebook’s communications team issued a statement seemingly criticizing PayPal's failure to commit: “It requires a certain boldness and fortitude to take on an endeavor as ambitious as Libra."

PayPal is the first major financial player to pull out from the project after heavy government scrutiny of Libra. For now it is unclear whether fellow Libra Association members eBay, Mastercard and Visa will also abandon the project.

What To Read Next

*If you submitted your e-mail address and placed an order, we may use your e-mail address to inform you regularly about similar products without prior explicit consent. You can object to the use of your e-mail address for this purpose at any time without incurring any costs other than the transmission costs according to the basic tariffs. Each newsletter contains an unsubscribe link. Alternatively, you can object to receiving the newsletter at any time by sending an e-mail to info@highsnobiety.com

Web Accessibility Statement

Titelmedia (Highsnobiety), is committed to facilitating and improving the accessibility and usability of its Website, www.highsnobiety.com. Titelmedia strives to ensure that its Website services and content are accessible to persons with disabilities including users of screen reader technology. To accomplish this, Titelmedia has engaged UsableNet Inc, a leading web accessibility consultant to help test, remediate and maintain our Website in-line with the Web Content Accessibility Guidelines (WCAG), which also bring the Website into conformance with the Americans with Disabilities Act of 1990.

Disclaimer

Please be aware that our efforts to maintain accessibility and usability are ongoing. While we strive to make the Website as accessible as possible some issues can be encountered by different assistive technology as the range of assistive technology is wide and varied.

Contact Us

If, at any time, you have specific questions or concerns about the accessibility of any particular webpage on this Website, please contact us at accessibility@highsnobiety.com, +49 (0)30 235 908 500. If you do encounter an accessibility issue, please be sure to specify the web page and nature of the issue in your email and/or phone call, and we will make all reasonable efforts to make that page or the information contained therein accessible for you.