Facebook's blockchain boss David Marcus defends the feasibility of Libra after a quarter of its partners drop out (FB)

AP Photo/Andrew Harnik

• David Marcus, the head of Facebook's Libra cryptocurrency project, has defended the project's feasibility after multiple major backers cut ties.
• Speaking to Yahoo Finance, Marcus said Libra was "absolutely not" in jeopardy, adding that the project is "going to get harder before it gets easier."
• On Monday, the 21 partner companies involved in Libra formally established the charter and governing council for the Libra Association.
• A quarter of the project's 28 founding backers have now abandoned the project, including major payment processing firms like PayPal, Visa, and Mastercard.
• Visit Business Insider's homepage for more stories.

Facebook is on the defensive after a swathe of major firms abandoned the Libra cryptocurrency project in the past week.

In an interview with Yahoo Finance, Facebook's Libra head David Marcus defended the feasibility of the project, insisting that Libra was "absolutely not" in jeopardy, while admitting that the project is "going to get harder before it gets easier."See the rest of the story at Business Insider

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See Also:

• Facebook’s Libra cryptocurrency plan just got formalised, but a quarter of its backers have now dropped out
• Mark Zuckerberg will testify before Congress later this month, and he's likely to face tough questions about Facebook's Libra cryptocurrency
• Facebook's Libra project unravels further as US lawmakers urge Visa and Mastercard to quit

SEE ALSO: eBay, Mastercard, Visa, Mercado Pago, and Stripe all cut ties with Facebook's Libra Association