Shopify Joins Facebook’s Embattled Libra Crypto Project

E-commerce giant, Shopify, has become the newest member of the Libra Association, following the departure of some members. While this may be a win for Facebook’s Libra Association, the status of the Libra stablecoin remains cloudy. 

February 22, 2020 | AtoZ Markets – Facebook’s Libra was subject to a massive backlash during its initial announcement back in 2019. However, it seems that the project is slowly regaining footing, with a new company joining its the folds of the Libra Association.

Related: What Is Facebook Libra Coin? Everything You Need to Know

Shopify joins the Libra Association

As per the announcement that was made on Friday, Shopify, one of the world’s heavyweights in e-commerce, has announced that it will join the Libra Association. Shopify joins about a month after Vodafone had pulled out of that same association, stating that the company will seek the development of its own digital payment system. It’s the first official member to join the Libra Association since its inception four months ago.

Shopify stated that it would intend to “work collectively” to help develop a payment network that has the ability to function all across the world. Whether or not that will happen remains to be seen.

It was last summer when Facebook first revealed the global payment project that was Libra. The Libra project focused primarily on a corporate-backed stablecoin that would be based on a basket of various fiat currencies. The Libra Association was launch in October 2019.

Members that have abandoned the Libra project

Shopify’s new membership follows a slew of defections from the Libra Association in the months since its unveiling in 2019. Big names like Vodafone, PayPal, Visa, Mastercard, eBay, Booking Holdings, Mercado Pago, and Stripe have all pulled their support. They withdrew before even the council was formed, as the world tried to choke the initiative through sheer scrutiny alone.

Meanwhile, the current members include companies like Xapo, Bison Trails, Anchorage, Andreessen Horowitz, Creative Destruction Lab, and Ribbit Capital. Others are Coinbase, Thrive Capital, Illiad, Union Square Ventures, Uber, Farfetch, Kiva, Lyft, Women’s World Banking, Mercy Corps, PayU, Spotify.

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