CNBC

Facebook’s embattled cryptocurrency project has just announced its 21 founding members, a group that lacks many of the high-profile companies that originally voiced support for the effort.

The project hit a major snag when Visa, Mastercard, Stripe, eBay and Mercado Pago all said they will no longer be part of the Libra project, following PayPal’s decision to pull out earlier last week, and leaving PayU as the only remaining payments company on the council. 

Facebook CEO Mark Zuckerberg will face lawmakers next week to defend the project at a hearing in front of the House Financial Services Committee. Several members of the committee have asked Facebook to postpone its plans until the proper regulatory mechanisms are in place.

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