PayPal withdraws from Facebook's libra cryptocurrency

PayPal is withdrawing from Facebook's Libra Association, the company announced Friday.

David Marcus, who leads the project at Facebook, was previously the president of PayPal.

The Libra Association had been made up of 28 corporate backers including Facebook that are meant to help govern the new cryptocurrency known as libra.

All founding members invested a minimum of $10 million to fund the operating costs of the association and launch an incentive program to drive adoption, according to Facebook's initial announcement of the project.

Facebook has tried to mitigate lawmakers' fears of libra by assuring them that Facebook would not have unilateral control of the currency due to the association.

Facebook's involvement caught the attention of senior congressional finance committee members, global regulators, former lawmakers and industry insiders who questioned Facebook's motives.

Lawmakers in the House Financial Services Committee are now seeking to bring Facebook's top executives back to Capitol Hill to testify on libra, CNBC reported Friday.

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