Twitter CEO Jack Dorsey gave a resounding negative answer when asked whether his social media platform would be joining Facebook's Libra cryptocurrency project, according to multiple reports. During a Twitter event in New York City Thursday, Dorsey said "hell no" to the prospect.
Facebook in June unveiled the global digital coin, which will be managed by a governing body called the Libra Association. Libra -- set to launch in the first half of next year -- is intended to be used to purchase products, send money internationally and make donations.
"Nothing within Libra had to be a cryptocurrency to do what they wanted to do," one journalist quoted Dorsey as saying.
Dorsey's answer was also reported by The Verge and Mashable Thursday.
Facebook was originally meant to be working alongside 27 launch partners for Libra, aiming to have 100 members in the Libra Association by 2020 -- but eBay, payments providers PayPal and Stripe, financial services giants Visa and Mastercard, online travel site Booking Holdings and Mercado Libre's online payments platform Mercado Pago all departed from the Libra Association this month.. Online marketplace
The departures came amid mounting criticism of the Libra project from politicians, regulators and nonprofits.
from Congress this week, where his social media platform came under fire from lawmakers.
"It would be beneficial for all if Facebook concentrates on addressing its many existing deficiencies and failures before proceeding any further on the Libra project," California Rep. Maxine Waters, the the US House Committee on Financial Services chairwoman, said Wednesday.
Libra currently maintains the support of PayU, Lyft, Spotify, Uber, Vodafone, Coinbase, FarFetch, Union Square Ventures, BisonTrails, Xapo, Women's World Banking, Breakthrough Initiatives, Ribbit Capital, Thrive Capital and Creative Destruction Lab as part of the Libra Association.
Libra didn't immediately respond to a request for comment. Twitter said it had nothing additional to share beyond the CEO's comments.