Shopify Joins Facebook-Led Libra Association

Shopify Joins Facebook-Led Libra Association

Shopify has joined the Libra Association, according to an announcement the e-commerce giant released Friday.

The e-commerce multinational said via its blog post that it would work with other members of the Libra Association to create a payment network that will “improve commerce” by helping merchants and consumers across the globe.

Joining Libra a step towards a solution

According to the blog post, “much of the world’s financial infrastructure was not built to handle the scale and needs of internet commerce.” Areas the e-commerce platform wants to see improved include transparent fees, privacy, security, and ease of access to capital. Because of this, a lot still needs to be done.

“That’s why we decided to become a member of the Libra Association,” the company added.

Shopify emphasized that joining the group “is [just] one step” among many that they will take as they look “to be a part of the solution to this global problem.”

Notably, Shopify doesn’t offer direct support for crypto as one of the major payment methods available to merchants and consumers. However, it does use sites like BitPay, Coinbase Commerce, Coinpayments, and GoCoin to allow merchants to accept crypto payments.

Global Scrutiny

Facebook unveiled the Libra project last summer, stating that it could be pegged on a basket of fiat currencies. Facebook created the Libra Association later in October and eyed early 2020 for the official launch of the project. However, Facebook has faced a lot of regulatory scrutiny since, including from the U.S. Congress. EU regulators, as well as several governments from around the world, also continue to warn against Facebook’s Libra project.

Several major companies said to have joined Libra Association withdrew from the Swiss-based organization. They include Visa, PayPal, Mastercard, and eBay.

At the moment, the organization has 21 members- Shopify is the latest to join the group. Other members of the Libra Association are Coinbase, Uber, Xapo, Lyft, Anchorage, Andreessen Horowitz, Bison Trails, Creative Destruction Lab, Illiad, Thrive Capital, Spotify, Ribbit Capital, and Union Square Ventures among others.

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