Mastercard and eBay will exit Facebook’s Libra, following PayPal

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Mastercard Inc. and eBay Inc. said Friday that they were withdrawing from Facebook Inc.’s Libra cryptocurrency project, joining PayPal Holdings Inc. , which announced its plan to leave a week earlier. “Mastercard has decided it will not become a member of the Libra Association at this time,” the company said in a statement. “We remain focused on our strategy and our own significant efforts to enable financial inclusion around the world.” Mastercard said it would continue to monitor the progress of the Libra effort. An eBay spokesperson said that while the company respects “the vision of the Libra Association,” the e-commerce giant won’t be continuing as a founding member. “At this time, we are focused on rolling out eBay’s managed payments experience for our customers,” the spokesperson said. Stripe is also planning to withdraw, according to Dow Jones reporting. Representatives of Stripe and Facebook didn’t immediately respond to MarketWatch’s request for comment. Facebook shares are off 8.5% over the past three months, while the S&P 500 has dropped 1%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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