Shopify, a Canada-based digital platform facilitating over one million merchants, has joined the Libra Association, a group of originating members helping Facebook’s stablecoin (LIBRA).
In a Facebook post, the Libra Foundation has affirmed the news, laying out that Shopify would be an “incredible partner in making widespread economic participation a reality.”
Shopify declared in the statement, activity to join the system comes following the firm’s desire to handle the unsolved issue of cross-outskirt payments. As indicated by the organization, “a significant part of the world’s financial infrastructure was not worked to deal with the scale and requirements of internet commerce.”
Shopify further stressed that as a significant global e-commerce platform, the firm should fight existing standards in the worldwide payment system to bring “straightforward expenses and simple access to capital,” while guaranteeing the security and protection of merchants.
“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. That’s why we decided to become a member of the Libra Association. This is one step, but not the only step we’ll be taking to be a part of the solution to this global problem.”
Dust Yet to Settle for Libra
According to a June 2019 press release, Libra has not just become the subject of escalated regulatory concern over the globe, but also a significant catalyst for the world to begin reexamining the United States dollar as a stay currency. Some global banks confirmed that Facebook’s Libra forced central banks to genuinely investigate cryptocurrency initiatives like central bank digital currencies.
Meantime, present vulnerability over Libra has been expanding considerably more with the European Union claiming that it still cannot decide what to do about Libra. Already, Facebook CEO Mark Zuckerberg himself proclaimed that he didn’t know whether Libra would work.