Shopify Joins Facebook-led Libra Association To Help Build Stablecoin Payment Network

E-commerce platform Shopify has announced that it has joined the Libra Association. This means that the online shopping firm is the latest entrant of the Facebook-led stablecoin project. The entry of Shopify into the association comes barely a month following Vodafone’s pull out with the aim of developing its solo virtual payments platform. This marks the first time the organization is admitting a new member since it was created.

In a blog post, Shopify stated that it aims at working with other members to develop a payment system which can work everywhere in the world.

Libra was released by Facebook last year to work as a worldwide payment system with the Libra stablecoin pegged on various global currencies. A governing council to guide the execution and implementation of the project was formed in October and named the Libra Association in order to decentralize the stablecoin’s leadership albeit on paper. However, Facebook is not a member of the council but Calibra, its subsidiary, is a member.

The Libra Association brings together various firms such as Coinbase, Andreessen Horowitz, Anchorage, Xapo, Bison Trails, Union Square Ventures, Uber, Spotify, PayU, among others.

Other firms like PayPal, Mastercard, eBay, Visa, Booking Holdings, Mercado Pago and Stripe were initially to be members of the organization but withdrew from the project before its official launch, CoinDesk reports. Vodafone has been a member of the council but withdrew last month.

Shopify stated that it is joining the association in order to be active in the development of an infrastructure which empowers the majority of entrepreneurs across the globe. The press release also stated that most of the existing financial infrastructure in the world is not developed to scale in the right manner to meet the needs of online commerce.

Dante Disparte, the policy head in Libra Association expressed the organization gratitude in welcoming its 21st member. He added that Shopify will bring immense expertise and knowledge to the Libra project, since it is present in more than 175 countries with more than 1 million businesses. He added that Shopify will be crucial in the development of a financial system that will efficiently serve billions of people.

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Joseph Kibe
Joseph Kibe
Joseph is a blockchain and cryptocurrency enthusiast, with a strong conviction that exposure of blockchain technology is for the good of the society. Fascinated by the massive potential of cryptocurrencies and the technology behind them – blockchain – Joseph spent lots of his time learning more about the industry, becoming a polished expert writer in the sector. He covers any cryptocurrency and blockchain related content.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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