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Facebook's Libra Loses Another Participant: Priceline Parent Booking Holdings
By: Hedgopia | October 14, 2019

Booking Holdings is latest to leave Facebook's fledgling cryptocurrency project, Libra.

Booking Holdings (BKNG - Get Report) , which operates Booking.com and Priceline, joined a growing list of companies Monday withdrawing from Facebook's (FB - Get Report) fledgling cryptocurrency project Libra.

The announcement follows Friday's news that Visa (V - Get Report) , Mastercard (MA - Get Report) , Stripe and eBay (EBAY - Get Report) were pulling out of the initiative. PayPal (PYPL - Get Report) had earlier said it was stepping away from its involvement with Libra.

Booking Holdings, Norwalk, Conn., couldn't immediately be reached for comment.

Shares of Booking were up slightly to $1,982.89.

Democratic lawmakers had sent a letter to executives at Mastercard, Visa, and closely held Stripe, urging the companies to seriously reconsider their involvement with Libra.

Sens. Sherrod Brown (D-Ohio) and Brian Schatz (D-Hawaii) said they were concerned about Libra "because key questions remain unanswered about the risks the project poses to consumers, regulated financial institutions, and the global financial system."

Facebook CEO Mark Zuckerberg is scheduled to testify before the House Financial Services Committee on Oct. 23. The hearing is entitled, "An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors."

The Libra Association's stated goal is to develop a robust ecosystem of financial products that will enable people worldwide to use Libra every day.

The group was scheduled to meet in Geneva to review a charter that dictates the structure of the organization and to appoint a board.

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