Mastercard, Visa, eBay and payments firm Stripe have pulled out of Facebook’s embattled cryptocurrency project, Libra.

Their move, first reported in the Financial Times, follows the withdrawal of PayPal, announced last week.

It represents a huge blow to the social network’s plans to launch what they envision as a global currency.

The project has drawn heavy scrutiny from regulators and politicians, particularly in the US.

Facebook chief executive Mark Zuckerberg will appear before the House Committee on Financial Services on 23 October to discuss Libra and its planned roll-out.

Regulators, particularly in the US, have raised multiple concerns over Libra, including the risk it may be used for money laundering.

In a statement released on Friday, eBay said it “respected” the Libra project.

“However, eBay has made the decision

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