Online payment processor, Checkout.com has become Libra Association’s, the Facebook’s independent membership organization, newest member.
The company has revealed it will join the Libra Association in developing its stablecoins series. Last year, Libra was announced as an effort to create a single global currency that could expand financial services to anyone with a smartphone and internet connection, although some of those ambitions have been scaled back since.
Backed in a fundraising round last year by Insight Partners, DST Global, Singapore’s Sovereign Wealth Fund, Blossom Capital and Endeavor Catalyst, the company is focusing on cross-border payments, one area Libra originally hoped to reduce friction when first announced last year, according to Forbes.
“Everything we do is to improve our merchants’ businesses by helping to optimize their payments function and drive operational efficiencies,” CEO Guillaume Pousaz wrote in a blog post. “This allows them to serve more customers, in more geographies, gaining the most value out of their transactions.”
Pousaz wrote that the group had already been interested in how blockchain tools could enhance the way transactions are processed globally. However, he said a strong regulatory framework is needed to ensure a “safe and stable infrastructure for payments,” one that would help in adoption.
Pousaz also pointed to financial inclusion, one of the stated goals of the Libra Association, as another area in which his company hopes to help.
“It is obvious to me and the wider Checkout.com team that we want to be part of this effort and can contribute to this endeavor by bringing our unparalleled payments engineering expertise,” Pousaz said.
Dante Disparte, head of policy and communications at Libra Association, welcomed the company to the organization in a statement.
The news comes a week after Heifer International, a global nonprofit, announced it had also joined, making Libra the organization’s 24th member.
Libra was originally announced with 28 starting members, though several withdrew because of regulatory concerns and pressure before the organization was formally chartered. Earlier this year Vodafone also withdrew to focus on their own native digital payment system, M-Pesa.
However, since then, Libra has added a few new members and revised its white paper in an effort to address concerns about its original stablecoin vision by global regulators.