The Wall Street Journal

PayPal Holdings Inc. is withdrawing from the group of companies Facebook Inc. assembled to launch a global cryptocurrrency-based payments network.

The San Jose-based payments company “made the decision to forgo further participation” in the group backing the libra cryptocurrency, a spokesman said in an email. PayPal remains supportive of Libra’s mission and will continue to discuss how to work together in the future, the spokesman added.

PayPal’s announcement comes days after The Wall Street Journal reported that Visa Inc., Mastercard Inc., and other financial partners that had agreed to back the Libra payments network are reconsidering their involvement following a regulatory backlash.

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