JPMorgan and Goldman Sachs reportedly refused involvement with Facebook-backed cryptocurrency Libra

Investment banks JPMorgan and Goldman Sachs are no strangers to betting on big tech ventures, but even they seem to have shunned Libra.

The Wall Street giants declined to be involved in the digital currency backed by Facebook because they feared it would go against anti-money laundering laws, according to the Wall Street Journal.

The story about how JPMorgan and Goldman Sachs allegedly refused to be part of the project comes after weeks where Libra has seen several of its backers jump ship. So far, companies like Bookings Holdings, PayPal, Mastercard, eBay, Mercado Pago and Stripe have withdrawn their support.

The Libra Association, the Switzerland-based company behind Libra, has stated that 1,500 companies are already waiting in the wings for their chance to take the withdrawn supporters’ place. Of those that have applied, at least 180 meet the requirements, according to the Libra Association.

At the same time, Facebook’s subsidiary Calibra, which is creating an e-wallet to support Libra, is being accused of copyright infringement.

Current, the mobile banking company, have filed a lawsuit alleging that Calibra has stolen Current’s logo design for the Calibra logo.

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