PayPal has become the first company to pull out of an alliance trying to launch Libra, Facebook’s proposed digital currency.

Revealed in June, Libra is Facebook’s attempt to launch “a simple global currency and financial infrastructure that will empower billions of people.” The new cryptocurrency was backed by 28 companies, including big Fintech players like PayPal, MasterCard and Visa.

Libra has faced opposition from banking regulators and the G7 – and it seems like PayPal has got cold feet. However, should Libra launch, it will enable people and businesses to make direct, instant payments within the Facebook family of apps. This could open up new opportunities to do business with the 1.3 billion people in the world who do not have bank accounts.