While others are fleeing, Shopify is joining Facebook's Libra Association
2Reported today on TechSpot
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While others are fleeing, Shopify is joining Facebook's Libra Association
The company believes the current financial system is ill-equipped for e-commerce
In brief: Shopify thinks the current financial system isn't built to support the sheer scale of Internet commerce, so it's joining the Libra Association to help build a new one based on Facebook's cryptocurrency plans. The announcement comes just as some of the earliest backers of Libra abandoned it for fear of drawing too much attention from regulators.
The maligned Libra Association has seen some of its most trusted members retreat from its project. It all started with PayPal, and then Visa, Mastercard, Stripe, eBay also made their graceful exit, mainly to avoid the mounting regulatory pressure around Facebook's cryptocurrency plans.
It turns out that while some organizations think Libra isn't worth the trouble, others like Canadian e-commerce giant Shopify are sold on the idea of an international stablecoin that Facebook users can use to make transactions with inexpensive fees.
The company announced it will commit $10 million to the Libra Association, and will also operate a node that processes transactions once the Libra network comes online. A Facebook spokesperson welcomed the news, noting that "as a commerce platform helping launch and grow over one million businesses, Shopify believes in the importance of reducing barriers to business ownership and ensuring that commerce is truly inclusive."
Other members of the Libra Association include Coinbase, Andreessen Horowitz, Thrive Capital, Uber, Lyft, Spotfiy, and PayU. But while adding Shopify into the mix will certainly help with the public image of Libra, there's a lot of resistance from gove