British telecom giant Vodafone Group has become the eighth company to leave Facebook’s digital currency project, Libra.
Both companies confirmed on Tuesday that Vodafone Group is no longer part of the consortium. Vodafone will dedicate resources previously intended for Libra to its digital payment service M-Pesa, which the company plans to expand.
“We have said from the outset that Vodafone’s desire is to make a genuine contribution to extending financial inclusion. We remain fully committed to that goal and feel we can make the most contribution by focusing our efforts on mobile payments platform M-Pesa,” a Vodafone spokesperson said.
As previously reported, Visa, MasterCard, eBay, Paypal, Stripe, Mercado Pago announced on October 2019 they will no longer be part of Facebook’s libra cryptocurrency project. Lack of support from key payment systems can have serious consequences for the Facebook crypto project.