Digital commerce platform Shopify announced that it has joined the Libra Association, becoming the latest member of the stablecoin developer founded on Facebook. Shopify joins approximately a month after Vodafone withdrew from the organization to focus on its own digital payment system. This is the organisation’s first new member since it was formed four months ago.
Shopify To Work Collectively Everywhere
In its blog post, Shopify said it intends to “work collectively” to build a payment network that works “everywhere.”
Last summer, Facebook unveiled Libra as a global payment project, with a stablecoin backed by a fiat currency basket. The Libra Association, the project’s governing council, was founded in October, which decentralized stablecoin leadership on paper. Facebook itself, though its subsidiary Calibra is, is not on council.
Facebook’s Libra Members
Libra members include ,Coinbase, Xapo, Anchorage, Bison Trails, Creative Destruction Lab, Andreessen Horowitz, Thrive Capital, Ribbit Capital, Union Square Ventures, Illiad, Farfetch, Uber, Lyft, Kiva, Mercy Corps, Women’s World Banking, Spotify, PayU and Mark Zuckerberg’s Breakthrough Initiatives.
Originally intended to be part of the project were Visa, Mastercard, PayPal, Booking Holdings, eBay, Stripe and Mercado Pago but withdrew before the Council was formed. By January Vodafone remained a member.
“Our mission has always been to support the entrepreneurial journey of the more than one million merchants on our platform. That means advocating for transparent fees and easy access to capital, and ensuring the security and privacy of our merchants’ customer data. We want to create an infrastructure that empowers more entrepreneurs around the world,” Shopify’s blog post said.
The blog post said a large part of the existing financial infrastructure in the world wasn’t built to scale enough for internet trade needs.
Dante Disparte, head of policy and communications at the Libra Association, said in a statement that the group was “proud” to welcome its new, and now 21st, member.
“As a multinational commerce platform with over one million businesses in approximately 175 countries, Shopify, Inc., 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,” he said.
In a related context Cryptolydian reported earlier that, The European Union (EU) is currently unable to decide what to do with Libra; the digital currency which Facebook is expected to issue this year.