Vodafone Leaves Facebook-Spearheaded Libra Association Cryptocurrency Initiative

It joins Booking Holdings, eBay, Mastercard, Mercado Pago, PayPal, Stripe, Visa

Over 1,500 companies are on the waitlist to join the Libra Association Libra Association

Vodafone became the latest company to bow out of the Libra Association, the cryptocurrency initiative being spearheaded by Facebook.

A spokesperson for Vodafone told Nikhilesh De of CoinDesk that the company will focus on its M-Pesa digital payment service and expanding it beyond the six nations in Africa where it currently operates, adding, “We have said from the outset that Vodafone’s desire is to make a genuine contribution to extending financial inclusion.”

And Libra Association head of policy and communication Dante Disparte told De, “Although the makeup of the association members may change over time, the design of Libra’s governance and technology ensures that the Libra payment system will remain resilient.”

Vodafone is the eighth company to leave Libra, following eBay, Mastercard, Stripe, Visa, PayPal, Mercado Pago and Booking Holdings.

De reported that over 1,500 companies are on the waitlist to join the Libra Association, which intends to admit new members sometime this year.

david.cohen@adweek.com David Cohen is editor of Adweek's Social Pro Daily.