E-commerce platform Shopify has announced that it has joined the Libra Association. This means that the online shopping firm is the latest entrant of the Facebook-led stablecoin project. The entry of Shopify into the association comes barely a month following Vodafone’s pull out with the aim of developing its solo virtual payments platform. This marks the first time the organization is admitting a new member since it was created.
In a blog post, Shopify stated that it aims at working with other members to develop a payment system which can work everywhere in the world.
Libra was released by Facebook last year to work as a worldwide payment system with the Libra stablecoin pegged on various global currencies. A governing council to guide the execution and implementation of the project was formed in October and named the Libra Association in order to decentralize the stablecoin’s leadership albeit on paper. However, Facebook is not a member of the council but Calibra, its subsidiary, is a member.
Other firms like PayPal, Mastercard, eBay, Visa, Booking Holdings, Mercado Pago and Stripe were initially to be members of the organization but withdrew from the project before its official launch, CoinDesk reports. Vodafone has been a member of the council but withdrew last month.
Shopify stated that it is joining the association in order to be active in the development of an infrastructure which empowers the majority of entrepreneurs across the globe. The press release also stated that most of the existing financial infrastructure in the world is not developed to scale in the right manner to meet the needs of online commerce.
Dante Disparte, the policy head in Libra Association expressed the organization gratitude in welcoming its 21st member. He added that Shopify will bring immense expertise and knowledge to the Libra project, since it is present in more than 175 countries with more than 1 million businesses. He added that Shopify will be crucial in the development of a financial system that will efficiently serve billions of people.