It is no secret that the Libra Association has had a number of struggles since its launch in 2019. Following the release of the Libra white paper, Facebook has faced a number of regulatory issues around the globe and these range from criticism from prominent government officials to the now-infamous meeting with US Congress to defend the upcoming token. The Libra Association has seen a number of members such as MasterCard and PayPal pull out for various reasons and many point to the management of those companies not wanting to have a conflict of interest with regards to regulators.
The Libra Association has been able to score a small victory as Shopify, an online retail platform, has officially joined the Libra Association which is the governing body for the Libra token and the accompanying Calibra wallet.
Shopify Joins Libra
Shopify is a Canadian-based retail platform that hosts over 1 million merchants and confirmed the news of their joining the association on February 21, 2020. Libra management also confirms this news via their online platforms and stated that Shopify would be an “incredible partner in making widespread economic participation a reality.”
Shopify defended its decision to join the Libra Association by stating that Libra’s cause is in line with their own desire to solve the problem of cross-border payments because, as they put it, a lot of the current financial structures are not built to support the scale and needs of Internet commerce which is their line of business.
Shopify also stated their decision to challenge existing standards and create easier access to payment platforms as well as capital while protecting the privacy of merchants.
“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 said.