Shopify Joins Libra Association

February 28, 2020 – E-commerce platform Shopify announces it is joining the Libra Association to work with its other members to tackle the problem of how to make e-commerce better for everyone.

In a blog post, Shopify sid that while online commerce has become increasingly borderless, it is easy to forget that mode of payment and value exchange are problems not solved everywhere. The company argues that the majority of the current financial structure “cannot handle the scale and needs of internet commerce.”

Shopify said that it will work collectively “to build a payment network that makes money easier to access” and allows support for merchants and consumers wherever they are.

The Libra Association said it is proud to welcome its 21st member. In a statement, Libra Head of Policy and Communications said Shopify “brings a wealth of knowledge and expertise to the Libra Project.”

“Shopify joins an active group of Libra Association members committed to achieving a safe, transparent, and consumer-friendly implementation of a global payment system that breaks down financial barriers for billions of people,” – Dante Disparte, Libra Association

Shopify is joined by the likes of Coinbas, Xapo, Spotify, Uber, and Lyft as members of the Libra Association, the governing council for the cryptocurrency Libra. While the token was first unveiled by Facebook, only its subsidiary Calibra is member of the council. Calibra aims to create a wallet for Libra tokens as well as a suite of tools to connect Facebook to the Libra network.

Members of the Libra Association that later withdrew include Mastercard, Visa, Paypal, eBay, Booking Holdings, eBay, Mercado Pago, Vodafone, and Stripe.

Paypal said it is keeping a close eye on blockchain despite its decision to pull out of Libra. Facebook reiterates it will only launch once there is a go signal from the regulators.

Check out BitPinas’ introduction article on Libra here.

Source: Shopify Blog

This article is published on BitPinas: Shopify Joins Libra Association