Facebook’s new cryptocurrency, Libra, is “quickly turning to dust” but the exodus of support is not a reflection on the viability of crypto assets, according to experts.
Last week, five payments companies withdrew support for the controversial currency, which was set to be launched early next year.
The news is a blow to crypto investors. Some had seen the launch Libra, supported by a social media giant and established payment providers, as validation it would lead to a secure and trusted system.
However, experts have said the the near-collapse is more a reflection on the social media company rather than the future of cryptocurrency.
While this may delay, or even cancel the launch of Libra, it…