Booking Holdings leaves Facebook’s Libra stablecoin project

As things were just starting to settle down, Facebook’s initiated Libra stablecoin lost another key founding member, Booking Holdings, an online travel company that operates websites Booking.com, Kayak.com, and Priceline.com.

Additionally, warning from G7 members that the stablecoins must not go ahead until the company proves it is safe and secure, has now raised more doubts about the success of the project. Given the large investment amount (10 million$) and regulatory uncertainty on the project, the members are hesitant more than ever.

With the departure of Booking holding, the Libra association is now down to 21 members from the original 28 members. Today the remaining members are meeting in Geneva, Switzerland to formally sign the charter as a Libra association member. Also, the council will appoint a board of directors for the Libra association.

The project is soon going to launch the testnet phase. Expect the Libra team to work closely with 21 remaining members to set-up the full node and begin network testing.