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Facebook-led digital currency Libra just welcomed the Canadian multinational e-commerce company Shopify in its association.
“We are excited to welcome @Shopify to the Libra Association! As a commerce platform helping launch & grow 1 million+ businesses, they will be a valuable partner in bringing financial inclusion to those who need it most,” Libra announced on Twitter. https://twitter.com/Libra_/status/1230875830303297539.
Shopify also announced its partnership with Libra in a press release. According to the company, “online commerce has become increasingly borderless” and the world’s financial infrastructure was not built to handle the scale required from internet commerce.
“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,” the announcement read.
As a member of the Libra Association, Shopify promised that they would work together to build a payment network that would support easy money access to both merchants and consumers worldwide.
Shopify added that its mission is to support the entrepreneurial journey of over one million merchants on its platforms. They are advocating for transparent fees and easy access to capital while ensuring the security and privacy of its merchants’ customer data. Shopify wants to build an infrastructure that can put up with its clients globally.
Meanwhile, consulting giant Deloitte sees a huge potential in Libra. In its report titled “Libra: Shaping the evolution of financial infrastructure,” it described the Libra Project as a “bold new proposition designed to create foundational financial infrastructure to simplify global money movement and commerce and to foster financial inclusion.”
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