PayPal is leaving Facebook's Libra project. The global payments giant becomes the first founding member of Libra to officially depart the project.
According to a statement sent to The Block from a PayPal spokesperson, that the company said that it has “made the decision to forgo further participation," adding that it remains supportive of Libra's mission and will continue to explore how the two firms can work in the future.
"We remain supportive of Libra’s aspirations and look forward to continued dialogue on ways to work together in the future," PayPal's statement read. "Facebook has been a longstanding and valued strategic partner to PayPal, and we will continue to partner with and support Facebook in various capacities."