E-commerce Giant Shopify Joins Facebook's Libra Association

Andrew Cummings
February 25, 2020

Shopify is an e-commerce platform like eBay India.

Last week Shopify announced it's deal with Libra Association and in it's blog post wrote, "as a member of the Libra Association we will work together to build a payment network that makes money easier and supports merchants and consumers everywhere".

Shopify stressed that helping merchants reduce fees and bringing commerce opportunities to developing nations as reasons it's joining the Libra Association . "This is a step, but not the only one we will take to be part of the solution to this global problem".

Shopify further emphasized that as an important global e-commerce platform, the company must challenge existing standards in the global payment system to provide "transparent fees and easy access to capital", while ensuring the safety and privacy of merchants.

The Libra Association previous year said that over 1,500 organizations had shown their interest in joining the Libra project initiative, but only 180 of those organizations were able to meet the preliminary membership criteria established by the association.

The independent non-profit Libra Association has just got a new member.

He said the initial involvement of credit card companies and other payment facilitators in the Libra Association was probably driven by a motivation to steer the emerging cryptocurrency in a direction that would have the least impact on their primary business.

"That " s why we chose to become a member of the Libra Association. "We want to create an infrastructure that empowers more entrepreneurs around the world", read Shopify's statement.

Libra Currency - Sadly, the lawmakers have dented the aim back in October 2019 in a hearing with Facebook's CEO Mark Zuckerberg. Announced on Feb 21 via an official blog post, Shopify elaborates on the goal of joining Libra Association.

Facebook Libra Coin - Facebook's CEO Mark Zuckerberg told the House Financial Service Committee back in October 2019 that Facebook would leave the Libra Association whenever it is made a decision to launch the payment system before getting U.S regulatory approval.

In an acknowledgement the European Union is unsure how to proceed, the Commission claims the information it has received from Facebook "remains insufficient for determining the precise nature of Libra and, by extension, its relation with existing European Union law". From that time on, regulatory sides for Libra haven't been improved and henceforth, Libra's launch in early 2020 isn't officially revealed yet.

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