Home Cryptocurrency Shopify becomes newest member of Libra Association

Shopify becomes newest member of Libra Association

Digital commerce platform Shopify is now the newest member of Facebook-funded stablecoin developer, the Libra Association.

This was according to an announcement in a post on 21st February.

This is coming after Vodafone, eBay, Visa, and Stripe left the organization.

With Shopify now being a member of Libra Association, it will provide not less than $10 million and will run a node that makes transactions for Libra Association.

According to its post, Shopify noted that it plans to work thoroughly to provide a payment network that functions all around.

It said their goal has always remained to assist the entrepreneurial quest of over one million traders on its platform.

CEO of Shopify, Tobi Lutke added that Shopify joined the Association just to make commerce great in areas of the world that banking could be better.

In an announcement, Dante Disparte, Libra Association head of policy and communications, noted that Shopify will give insight and creativity to the Libra project.

He added that the group was delighted to receive its recent member which is a multinational commerce outlet that has more than one million business in almost 180 nations.

About Libra Association

Libra was launched by Facebook in October 2019 as a global payments project, with a stablecoin backed by fiat currencies.

Facebook is not on the council, but its associate, Calibra is.

Libra’s purpose is to empower many people, citing 1.7 billion adults who don’t have bank accounts who could use the currency.

Its effective partners are devoted to attaining a careful, transparent, and consumer-friendly execution of a global payment system that brings an end to monetary boundaries.

Paypal, Visa, Booking Holdings, eBay, Stripe, Mastercard and Mercado Pago were initially supposed to be with the project but withdrew before the council was established.

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