Just days before the first Libra Association meeting set at their headquarters in Geneva, Switzerland, October 14th, 2019, significant financial contributor Paypal withdraws their support via a statement given to The Verge.
The statement reads:
"to forgo further participation in the Libra Association at this time and to continue to focus on advancing our existing mission and business priorities as we strive to democratize access to financial services for underserved populations."
"We remain supportive of Libra's aspirations and look forward to continued dialogue on ways to work together in the future," the statement continues. "Facebook has been a longstanding and valued strategic partner to PayPal, and we will continue to partner with and support Facebook in various capacities."
Despite these growing concerns, the Libra Association has the support of over 1000 companies looking to become apart of Facebook CEO Mark Zuckerberg's vision of future currency.
Facebook CEO Mark Zuckerberg and COO Sheryl Sandberg will schedule hearing with US House Financial Services Committee on the upcoming plans for Libra.