Facebook’s coin project, Libra, continues to draw attention despite setbacks, including a shrinking pool of backers and a growing number of worried regulators. But now with JP Morgan seeing potential for the social network’s cryptocurrency and e-commerce giant Shopify joining the Libra Association, its chances might have improved. Although, assuring governments that Libra won’t undermine their monetary authority and convincing users of its utility remain key challenges.
Vodafone Posts Facebook Ad With Bitcoin in Germany
Libra’s long list of supporters has shortened in the past few months with major players such as Visa, Mastercard, Ebay, and Paypal leaving the Libra Association after it became clear that the project is facing major regulatory hurdles. Online payment processor Stripe, travel website Booking Holdings and the South American online sales platform Mercado Pago are also among the quitters.
Vodafone pulled out of the project last month becoming the eighth company to do so. The telecom giant, which operates in two dozen countries and serves clients in many more, recently spurred social network discussions and speculation in crypto media with a move that some took as an indication of its future plans. On Friday, Vodafone posted a Facebook ad in German that shows a bitcoin and the following message:
Will there be bitcoins instead of pocket money soon? What should grandma give you if everyone will pay with their smartphone in the future?
Vodafone left Libra to focus on M-Pesa, its own digital payments platform. Launched in 2007 by its Kenyan associate Safaricom, M-Pesa has established itself as the leading mobile money service in Africa.