Shopify joins the Libra Association. The announcement came directly from the e-commerce giant through a statement on its official website. After so many withdrawals, from Vodafone to Paypal to Visa, the association founded for the launch of Facebook’s cryptocurrency is back in the news.
The CEO of Shopify Tobi Luke explained with a tweet the reason behind this choice, seemingly in contrast to the trend:
“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”.
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
It is a philosophy that fully embraces what Mark Zuckerberg, CEO of Facebook, has always said concerning the reasons that led to the birth of Libra (at least in the intentions): reaching the “unbanked”, those who are without bank and digital payment systems, making money transactions as easy as sharing photos on social networks.
“As online commerce becomes increasingly borderless, 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”.
For Shopify, joining the Libra Association is only a first step to becoming part of the solution to what is defined as a global problem. The e-commerce giant explains:
“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”.
Together with the Libra Association and the Facebook cryptocurrency, Shopify wants to give a new opportunity to merchants and consumers. It is an exciting challenge:
“We’re excited to be part of the Libra Association and look forward to how the project may improve commerce everywhere”.
In reality, there is still a long way to go for Libra. Ever since the project was announced in June 2019, international regulators seem to have raised the barricades. A social network like Facebook, which has had privacy problems in the past, issuing its own currency, has been seen as a risk to monetary sovereignty. Mark Zuckerberg has been seeking support from the institutions by announcing several times that without clear regulation and the go-ahead from regulators, Libra will not come into being. In this respect, there seems to be no progress at the moment.