Shopify joins Libra cryptocurrency association
The move comes after eBay, Visa, Stripe, Mastercard, PayPal and Booking Holdings dropped out of the organization.
Shopify has reportedly committed at least $10 million and will become a validator node operator, which would require it to process transactions using the currency.
Libra’s efforts to build a zero to near zero fee cryptocurrency has been blocked by regulators in the U.S. and EU — which is currently stalling the launch.
Shopify spends a lot of 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. https://t.co/w8NWY874xr
— Tobi Lutke 🌳🌲🛒🕹 (@tobi) February 21, 2020
Shopify, meanwhile, says its move to join Libra is part of its ongoing goals to reduce payment processing fees for merchants.
“Much of the world’s financial infrastructure was not built to handle the scale and needs of internet commerce,” reads the Shopify press release.
The company also notes that alternative payment methods such as cryptocurrency can be vital in developing countries where it’s difficult to set up traditional payment methods or financial accounts.
“As a member of the Libra Association, we will work collectively to build a payment network that makes money easier to access and supports merchants and consumers everywhere,” the press release added.