The Libra Association continues to lose partners due to regulatory pressure, with Vodafone, a British telecommunications giant, announcing their exit. Vodafone says they will instead dedicate their resources to M-Pesa, which is a mobile payments platform that is currently available in parts of Africa, and has plans for global expansion.
So far the major credit card processors Visa and Mastercard have left the Libra Association, as well as online payment services PayPal and Stripe, in addition to eBay, Mercado Pago, and Booking Holdings. All in all, Vodafone is the 8th major corporation to leave the Libra Association.
The reason for these high profile corporations quitting the Libra Association is that governments and regulators across the globe have loudly voiced their disapproval of the Libra cryptocurrency. This is because Libra would essentially be an independent fiat currency and Central Bank run by corporations rather than a government, and therefore would compete with government fiat currencies and Central Banks, which could theoretically cause governments to lose some of their power.
That being said, some Libra Association members are holding on despite the regulatory pressure, including the major corporations Uber and Lyft, as well as some of the biggest corporations in the crypto space including Coinbase and Xapo, in addition to several venture capital firms including Andreessen Horowitz. Also, Facebook is of course still in the Libra Association.
Further, the Libra Association claims that 1,500 other companies are waiting to join, so there will be no lack of corporate partners if this is true.
However, it remains to be seen if Libra will ever launch, since at this point it is being stifled by regulatory pressure, and there is little to no sign of progress.