Booking Holdings Leaves Facebook’s Libra Association
Ana Alexandre's original article for cointelegraph.com reduced by 57%
Leading online travel company Booking Holdings has ditched the Libra Association, the governing consortium of Facebook's proposed Libra stablecoin. Booking Holdings has thus become the latest in an array of companies that abandoned the project, leaving it with 21 founding members out of the initial 28 organizations, Bloomberg reported on Oct. 14.A promising startBooking Holdings - which stands behind travel sites booking.com, priceline.com, agoda.com and Kayak, among others - became a founding member of the Libra Association in June.
In August, Booking Holdings CEO Glenn Fogel said that he believes that blockchain-based currencies will continue to grow and could become more popular. The move comes ahead of Facebook CEO Mark Zuckerberg's testimony on Libra before the House of Representatives Financial Services Committee on Oct. 23.
Previously, Calibra wallet CEO David Marcus testified before the House Financial Services Committee and the Senate Banking Committee in regard to Libra's development and its features. Marcus claimed that Facebook intends to be compliant with the U.S. Financial Crimes Enforcement Network in distributing Libra.
Earlier today, U.S. Treasury Secretary Steven Mnuchin attributed the recent spate of firms abandoning Facebook's Libra stablecoin project to regulatory concerns, although some industry stakeholders believe that policymakers pressured companies to leave the project.
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