Facebook’s Blockchain venture losing momentum

There has been a lot of inclusions in the Blockchain community with a lot of tech companies starting their venture with a firm stand. The Blockchain community definitely expected a big overhaul when FaceBook made an astounding entry with Libra.

The tech-company had a lot of fierce criticisms upon its entry into the market and with its recent allegations revolving User-end policies.

What Happened

With heavy turbulence faced by Facebook in the crypto arena, the tech-giant recently hit with a bigger bump. The company recently lost Vodafone, one of the companies biggest back-supports. The announcement of Vodafone sent shockwaves to the Libra team with a lot of strong supports of the company walking away.

Why did Vodafone leave

The rumor turned true news quickly spread like wildfire across the blockchain community with a lot of Blockchain enthusiasts awaited for justification from Vodafone. The company finally cleared up the air with an official announcement made by the spokesperson of Vodafone to the world with impending questions.

Vodafone said in their statement that the sole purpose of such a move is only because the company wanted to divert their assets and time to their mobile platform, M-Pesa and not because that they didn’t want to resume operations with Libra.

The Libra association definitely is facing heat in this regard for a very long time, with many financial giants like Mastercard and PayPal moving away from the stream. The reasons for those companies leaving are not clear but one thing is clear, Facebook’s Blockchain venture Libra is losing momentum. With a lot of companies losing the trust in Libra’s future, one thing is sure, Libra definitely has to pull something out of the ordinary to make sure to survive the fluctuations in the market.

Rocky roads ahead

Recently before, there was speculation about leaked letters that portrayed the fact that the US senators had asked Visa and stripe to back off from the project. With a lot of impending allegations and a lot of rumors spreading around regarding the future of Libra, it is definitely a very bumpy ride ahead for Libra to perform well.

Even being neck-deep in troubled waters, Libra believes to move ahead with the plan of establishing their digital currency plan and move ahead. As promising as it may sound, another blow to the company might critically cripple the companies future at a very drastic rate.