PayPal withdraws support for Facebooks Libra cryptocurrency

PayPal has decided to withdraw from the Libra Association, the 28-member nonprofit organization formed in June of this year to oversee the cryptocurrency’s creation and eventual consumer rollout.

The company doesn’t cite a specific reason, saying only in a statement given to CNBC that it decided “to forgo further participation in the Libra Association at this time and to continue to focus on advancing our existing mission and business priorities as we strive to democratize access to financial services for underserved populations.”

“We remain supportive of Libra’s aspirations and look forward to continued dialogue on ways to work together in the future,” the statement continues. “Facebook has been a longstanding and valued strategic...

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