Vodafone Group becomes the latest to quit Facebook’s Libra initiative

Telecoms giant, Vodafone, has quit from the Libra Association, becoming the latest company to exit the Facebook-led group trying to create a new global cryptocurrency.

In October last year, Visa, eBay, Mastercard and PayPal walked away from the initiative. The number of companies has now whittled down to 20 from the initial 28 members.

According to Dante Disparte, head of policy and communication for the association in a statement, “Vodafone is no longer a member of the Libra Association. Although the makeup of the Association members may change over time, the design of Libra’s governance and technology ensures the Libra payment system will remain resilient. The Association is continuing the work to achieve a safe, transparent, and consumer-friendly implementation of the Libra payment system.”

U.K.-based Vodafone said it plans to focus on its own digital payments efforts instead.

“We will continue to monitor the development of the Libra Association and do not rule out the possibility of future co-operation,” Vodafone spokesman Steve Shepperson-Smith said.