Ecommerce giant Shopify finally joins Libra association. The retailer announced its latest move on Friday through its blog.
Since the start of Libra, some members have joined and some members have opted out. Vodafone, for example, opted out to focus on its digital payment system. Shopify, on the contrary, joined the association in its attempts to build a payment network that works well everywhere.
The evolution of Libra Association
Libra was started with the main intention of facilitating global payments. It is based on a stablecoin that is backed up by several fiat currencies. The project was governed by The Libra Association, which is currently four months old. The main aim of the Association was for better leadership of stablecoin. On the contrary, Facebook is not part of the association, only Calibra is which is its subsidiary.
The fact that Shopify has joined the association, it does not mean that the association does not have other prominent members. Other members of the association include Coinbase, Uber, Spotify, Lyft, Xapo, PayU, Women’s World Banking, and Thrive Capital among many others.
Other companies were meant to be part of the project but opted out such as Visa, Mastercard, eBay, PayPal, Booking Holdings, Stripe, and Mercado Pago. Vodafone was the latest to withdraw membership in January.
The main goal of Shopify is to give the millions of merchants of the platform a good experience on the platform. For more efficiency, it aims for more transparency in terms of fees, security, the privacy of data, and easy access to capital. Shopify’s end goal is to create an infrastructure that will empower entrepreneurs.
Shopify acknowledges the need for improved financial infrastructure as most platforms have not been made with the right infrastructure to scale sufficiently to meet the demand.
According to Libra Association, Shopify is its 21st member, and they are happy to have them on board. According to its head of policy and communications, Dante Disparte, Shopify will be a great asset to Libra. With its multinational experience in over 175 countries, there is so much knowledge and expertise that it can bring to the project. The best part is that Shopify has the same goals as other members of the association, which is to create a more transparent, safe, and consumer-friendly payment platform, that will break financial barriers that currently exist in the industry.
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