The Canadian multinational e-commerce company Shopify announced this on Friday that it is going to join Facebook’s Libra cryptocurrency project. Shopify has now become a member of the Libra association.
While making this announcement on Friday, the e-commerce company said that it has planned to make commerce better for everyone. This is the reason that it has joined Facebook’s Libra project. The company said on Friday:
“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.”
Shopify further states that being a member of the Libra association, the company will build a payment network by working together with the other members of the Libra association. This payment network will make it easy to access money and also it would support consumers and merchants.
The e-commerce then elaborates that it is the goal of the company to build an infrastructure so that more entrepreneurs around the world could get empowered from this infrastructure. That is why the company has decided to join the Libra Association. The company describes its mission in the following words:
“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.”
Facebook’s Libra cryptocurrency project has been facing regulatory issues in the past. Some of the US senators even called the Libra cryptocurrency as delusional and dangerous.
Due to these regulatory issues, several companies including PayPal, Mastercard, Visa, Mercado Pago, eBay, Stripe, and Vodafone have withdrawn from the Libra project.
However, this new addition of Shopify has given some relief to Facebook’s Libra association and it is actually a great achievement for the Libra crypto project.