Facebook just lost several very important backers for its Libra stablecoin. PayPal, Visa, MasterCard, Stripe and others are out, with several dropping their support late last week. That certainly came as a blow to the social media giant, but there is a little bit of good news. Not all of the backers are changing their minds. That good news, however, is immediately countered by the fact that Facebook has now been found to have violated someone else’s trademarked logo when it created the Libra design. This is going to prove to be another example, according to regulators, of why the company is not ready to get into finance.
BBC reporter Dave Lee says in a Twitter post that Anchorage, a cryptocurrency storage company, is still backing Libra. He points out a quote by the company’s co-founder and president, Diogo Monica, which reads, “Anchorage is dedicated to continuing the mission of the Libra Association and is proud to be a founding member.”
At about the same time that Lee was sharing his thoughts, CNBC reporter Sally Shin was filling in her Twitter followers with the news that Uber is staying on, as well—at least for now. She said in a tweet from Friday, “…Uber on the other hand [sic] says there is no change to its participation at this time.”
There had initially been 27 entities that would form the group of founding members of the Libra Association. However, that number has dwindled somewhat and could drop even more ahead of the official charter signing taking place this month.
Another bit of bad news for Facebook could expedite that departure, too. A lawsuit has been filed against Calibra, Libra’s accompanying wallet, for infringing on another entity’s trademark.