PayPal drops out of Facebook's cryptocurrency

123rf

PayPal has become the first firm to drop out of Facebook's digital currency project Libra.

The online payments company made the announcement on Friday without specifying what had prompted the decision.

PayPal was among a group of 28 companies and non-profits that were joining forces to develop Libra. 

It said it "(remained) supportive of Libra's aspirations" but had chosen to focus on its own core businesses.

There have been growing concerns about how people's money and data will be protected.

More from Business News

On Virgin Radio today

Trending on Virgin Radio

  • The Rock and Chris Evans: A Christmas Surprise!

    The Rock and Chris Evans: A Christmas Surprise!

  • ARN News Centre

    Get the latest UAE and world news from our award winning team of journalists. The ARN News Centre is the country's most trusted source of information.

  • Bassem Youssef

    One of the most talked about comedians in the world takes over The Kris Fade Show. Watch the full interview here...

  • Untold Dubai

    It arrived: The UAE's First Mega Music Festival at Expo City Dubai!