British telecom giant Vodafone has just announced its decision to quit the Libra project, CoinDesk reports.
The news comes shortly after other major companies, including PayPal, Mastercard and Visa, made the same decision.
According to a company spokesperson, the firm has decided to abandon the Libra project to focus on the development of its own products aimed at offering financial services to the unbanked.
Since the launch of the project back in June 2019, of the 28 companies that joined the Libra Association then, PayPal, Mastercard, Visa, Mercado Pago, eBay, Stripe and Booking Holdings have already left.
The company's spokesman said:
"We have said from the outset that Vodafone’s desire is to make a genuine contribution to extending financial inclusion,” the spokesperson said. “We remain fully committed to that goal."
For its part, the Libra Association has confirmed Vodafone's decision to quit the 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."
Facebook's stablecoin, whose launch is scheduled for this year, is facing lots of problems due to the loss of support as a result of pressure from regulators all over the world.