Vodafone Is the Latest Big Company to Quit Facebook-Founded Libra Association

British telecom conglomerate Vodafone has become the eighth company to pull out of the Libra Association, the governing council for the Facebook-created global digital currency initiative, CoinDesk has learned.

Vodafone and Libra both confirmed Tuesday the company is no longer part of the consortium.

Vodafone will dedicate resources previously intended for Libra to its well-established and successful digital payment service M-Pesa, which the company plans to expand beyond the six African nations currently served.

"Although the makeup of the Association members may change over time, the design of Libra's governance and technology ensures the Libra payment system will remain resilient," Disparte said.

Libra intends to admit new members to the Association in 2020, a person familiar with the situation said.

Facebook unveiled Libra in June 2019, after months of speculation around the project.

Libra is hoping to solve this issue by making it easier for individuals to transfer funds from person to person, a goal Vodafone shares.

"We will continue to monitor the development of the Libra Association and do not rule out the possibility of future cooperation," the Vodafone spokesperson said.

Last week, Libra announced the formation of a technical steering committee to oversee further development of its roadmap, made up of executives from several Association members.

"The Association is continuing the work to achieve a safe, transparent, and consumer-friendly implementation of the Libra payment system," Disparte said in his statement Tuesday.