Shopify Joins Libra Despite PayPal, Others Pulling Out

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  • Shopify Joins Libra Despite PayPal, Others Pulling Out

Shopify Inc, an online commerce company with head office in Canada, has announced its decision to join the Libra Association to further enhance its offering and payment gateway.

In a statement released on its website on Friday, the company said: “it’s easy to forget that payments and the value exchange of goods are not a solved problem everywhere. Much of the world’s financial infrastructure was not built to handle the scale and needs of 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.”

This was coming months after the likes of PayPal, Visa, Mastercard, PayPal, Booking Holdings, eBay, Stripe, Vodafone and Mercado Pago pulled of the Libra Association following U.S parliament scrutiny on Facebook’s past security issues and degree of involvement in a new global payment that could expose users data.

Libra association members are Coinbase, Xapo, Anchorage, Bison Trails, Creative Destruction Lab, Andreessen Horowitz, Thrive Capital, Ribbit Capital, Union Square Ventures, Illiad, Farfetch, Uber, Lyft, Kiva, Mercy Corps, Women’s World Banking, Spotify, PayU and Mark Zuckerberg’s Breakthrough Initiatives.

Shopify explained that as a member of the Libra Association, it would work with other members of the association to create a payment network that makes money easier to access and supports merchants and consumers everywhere.

“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 company stated.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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