Shopify Joins Libra Association After Raft Of Departures
(Source: forbes.com)

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(Original link: forbes.com)

The Libra Association, the collective of major companies putting their weight behind the Facebook cryptocurrency project, Libra, has finally shown a bit of growth after a number of prominent companies departed. It was announced on Friday that Shopify, the eCommerce platform, will become a part of the Libra Association. This addition comes after the likes of eBay, Visa , Stripe, PayPal, Mastercard, and others ditched Libra when it became clear that the road towards launching would not be an easy one. Regulators have clamped down on Libra across the globe, which is said to be part of the reason that these companies decided to pull out.
More so, Mastercard President, Ajay Banga, added that there were other concerns around the cryptocurrency project that made his payment’s company leave the Association. “It went from this altruistic idea into their own wallet. I’m like: ‘this doesn’t sound right,’” said Banga .
Facebook’s entry into the blockchain space through Libra was first heralded for the huge impact it could have on the industry and is a large part as to why the social media giant has been included in the second iteration of Forbes’ Blockchain 500 list.
However, Shopify will bolster the project as its Association brings with it at least $10 million and the operation of a node that processes transactions for the Facebook-originated stable coin. This certainly helps Libra, but if the project is to launch, it will also be helpful for the eCommerce platform as Shopify could gain a way to process transactions without paying credit card fees.
Shopify stressed that helping merchants reduce fees and bringing commerce opportunities to developing nations as reasons it’s joining the Libra Association.
“Much of the world’s financial infrastructure was not built to handle the scale and needs of internet commerce” Shopify explained .
“Our mission is to make commerce better for everyone and to do that, we spend a lot of our time thinking about how to make commerce better in parts of the world where money and banking could be far better. As a member of the Libra Association, we will work collectively to build a payment network that makes money easier to access and supports merchants and consumers everywhere.”
“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 now joins other members which 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.
In a statement, Libra Association head of policy and communications Dante Disparte said 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....