Recently, Facebook announced it wanted in on the crypto-currency boom, with an unregulated currency known as Libra. As expected, it received wide criticism from Wall Street and Government Bankers. Many pointing to past incidents with CEO Mark Zuckerberg.
Libra is in trouble. Facebook had lined up a long list of corporate backers for the Libra Project. Companies including major players in the banking and finance industries. Several prominent backers began to back out this month. Including big banking and credit card providers VISA and MasterCard.
In a statement, A Facebook spokesperson referred CNBC to a statement from the Libra Association that said. “The Association is eager to pursue its mission of building a better payment network. As well as broadening access to essential financial services, and lowering costs for billions of people who need it the most.”