PayPal withdraws from Facebook’s libra cryptocurrency (3 minute read)
PayPal announced on Friday that it will withdraw from Facebook's Libra Association in order to focus on its existing mission to democratize access to financial services for underserved populations. When Libra was announced in June, many global regulators, lawmakers, and industry insiders questioned Facebook's motives and had concerns regarding privacy, money laundering, consumer protection, and financial stability. Facebook will not have unilateral control of Libra. The Libra Association, which is made up of 28 corporate backers, will help govern the cryptocurrency. Other financial partners such a Visa and Mastercard may be reconsidering involvement with Libra following backlash from government officials. Lawmakers in the House Financial Services Committee are looking to bring Facebook's top executives, including CEO Mark Zuckerberg, to testify on Libra.
Disney bans Netflix ads from all of its TV channels except ESPN (1 minute read)
Disney has banned Netflix ads from all of its TV platforms except for ESPN in preparation for its launch of Disney+ on November 12. The company had originally considered banning ads for all Disney+ competitors, including Amazon Prime Video. Amazon is currently not planning to offer support for Disney+ on its Amazon Fire TV Platform. Disney+ will cost $6.99 per month, or $69.99 for a full year, and will be ad-free. The service will offer a bundle deal that includes access to ESPN+ and Hulu. Disney took full control of Hulu in May.