PayPal withdraws from Facebook's libra cryptocurrency

PayPal was one of several corporate backers of Facebook's cryptocurrency project.

"PayPal has made the decision to forgo further participation in the Libra Association at this time and to continue to focus on advancing our existing mission and business priorities as we strive to democratize access to financial services for underserved populations," the company said in a statement. PayPal said it is still "supportive of Libra's aspirations" and that it will continue to partner with Facebook in the future.

But recently, that group of corporate backers has started to show some cracks. The Wall Street Journal reported that the group behind the global currency payments network is becoming fractured.

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