The digital currency Libra developed on Facebook can announce a new entry after a series of prominent exits. Canadian company Shopify, which is developing an e-commerce platform, joined the Libra Association on February 21, which manages the project. Around one million retailers operate online shops on the e-commerce platform.
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Online trade is becoming more and more limitless, Shopify writes in a declaration of accession. But “a large part of the global financial infrastructure is not designed for the scope and needs of Internet trading,” the provider explains. To improve this, the company has joined the Libra Association. The online magazine Techcrunch, on the other hand, suspects that Shopify could save the transaction fees for credit card payments, since the exchange between Libra wallets should cost no or only very little.
Other trading platforms such as Ebay, but also payment service providers such as Paypal, Visa, Mastercard and Stripe came to a different assessment and left the project shortly before the Libra Association was founded. This started in October with 21 members, in addition to the Facebook subsidiary Calibra, Spotify, Uber and Vodafone are official founding members.
In October, Facebook boss Mark Zuckerberg confirmed that Libra should only start when all concerns from regulators have been resolved. The digital currency has met with fierce resistance from politicians. Facebook had originally announced that it would make Libra available to consumers later this year. Libra is to be hedged one on one with a portfolio of stable currencies and government bonds. Facebook rejects concerns that the digital currency could interfere with the sovereignty of central banks. The internet company also emphasizes that no new money is put into circulation at Libra – this is reserved for states.
Meanwhile, Facebook has introduced its own payment service called Facebook Pay, which is supposed to simplify payments in apps like Whatsapp or Instagram, which also belong to Facebook. Facebook is cooperating with PayPal and Stripe on the implementation.
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