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Vodafone Confirms That It Left Facebook’s Libra Association

Javeria by Javeria - 08:15 AM Jan 22, 2020
Vodafone Confirms That It Left Facebook’s Libra Association

Facebook Libra Association lost another big associate in the form of Vodafone months after many big names exited from its council. Vodafone has confirmed about its leaving Libra and said that the company wants to focus on its payment service instead. 

Vodafone Confirmed Leaving Libra Association: Reason Explained

Unlike other companies who left Libra Association in the past, this is not about the regulatory concerns and the parting seems to be amicable in this case.  Vodafone cleared the reason of its parting with Libra stating that the company is focussing on its payment service, M-Pesa and expanding it beyond the six African nations. The company also said that they are entirely in support with the Libra association and that there can be chances of future association.

Would It Be A Disaster For The Association?

Dante Disparte, the Libra Association’s policy and communication head optimistically commented that the association’s governance and responsible tech would help the platform stay strong.

The Association intends to add more members by the end of 2020, so this might not be an ultimate disaster for Libra. More than 1,500 companies are in the waiting list, although it can’t be considered a vote of confidence in the association’s success.

Companies That Bailed On Libra Association In Past

Vodafone is the first company to withdraw association with Libra after it was formally organised by the end of 2019. The other partners who left the association because of ongoing scrutiny from regulators are Paypal, Mastercard, Visa, Mercado Pago, eBay, Stripe and Booking Holdings.

Vodafone believes that it can bring affordable services to its consumers by shifting its focus on M-Pesa at the moment. 

About Libra Launch In 2020

The launch of Libra was initially intended to be in the start of 2020, although according to Mark Zuckerberg the regulatory concerns might push back the date. He noted that the association is planning to go slow instead than assigning a deadline that would keep them away from resolving the payment issues for those who need it the most.

About The Author
Javeria

JaveriaJaveria is into the crypto world ever since she heard about it and is pursuing her interest through cryptoknowmics. She is a sensational poet, technical writer and content strategist. Not to mention that she can go crazy when it comes to vampires and Wonder woman.

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