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Shopify Joins Libra Association

After being announced in a blog post on Friday, Shopify has officially become the latest member of the Facebook-founded coin development program. Shopify now joins around one month after another large company, Vodafone, pulled out of the organization. Shopify becomes the first new member of the program since its foundation.

Writing in its blog post, Shopify said it intends to "work collectively to build a payment network that works everywhere".

Libra was revealed by Facebook last summer as a global payments project, with a stablecoin backed by a basketful of fiat currencies. The Libra Association, a governing committee for the project, was established in October, decentralizing authority of the stablecoin on paper. Facebook itself is not on the council, but its subsidiary Calibra is.

Visa, Mastercard, PayPal, Booking Holdings, eBay, Stripe and Mercado Pago were originally meant to be part of the project but retreated before the council was formed. Vodafone remained a member until January.

"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. We want to create an infrastructure that empowers more entrepreneurs around the world."

The post mentioned that a large part of the world's pre-existing financial infrastructure was not built to scale effectively for the needs of e-commerce.

In a statement, Libra Association head of policy and communications Dante Disparte said the group was "proud" to greet its new, and now 21st member.

"As a multinational commerce platform with over one million businesses in approximately 175 countries, Shopify, Inc., brings a wealth of knowledge and expertise to the Libra project. Shopify joins an active group of Libra Association members committed to achieving a safe, transparent, and consumer-friendly implementation of a global payment system that breaks down financial barriers for billions of people," - Dante Disparte.
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