Shopify Joined The Libra Association As Many Giants Leave

Shopify joined the Libra Association as companies like Visa, Mastercard and PayPal leave the Association. The biggest eCommerce platform in the world noted that the biggest motivation was the need for better payment networks as we are reading further in the Libra coin news.

The independent non-profit Libra Association has recently acquired a new member. Shopify has become the newest big firm to join the association, according to an official announcement. The eCommerce giant announced that it will join the collective of Facebook in a press release yesterday, stating that the move is only a part of its effort to enhance the availability of commerce for everyone.

 “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,” stated the firm.

Having in mind the inability of the existing world financial infrastructure to comprehend the scale of internet commerce, the firm concentrated on digital assets to assist the growth of its platform. Joining the Libra Association is only one of the measures Shopify will be taking in order to position itself as a solution to this worldwide problem.

But with companies like Visa, MasterCard, Stripe, PayPal and eBay leaving the Libra Association, the decision of Shopify to join the group was met with criticism and mystification. The future of the Libra project is still unknown because many of the governments around the globe worry about the potential consequences on the global financial system that can come from Libra. The CEO of Shopify, Tobi Lutke, defended the decision of the company to join the disintegrating association, stating that the future of the project is what drew them to it.

 “We like to make decisions based on future potential instead of heard movement. Funnily enough, this usually leads to us doing the opposite of the others.’’

Tobi Lutke also stated that the firm will start accepting Bitcoin (BTC) directly if there is significant buyer demand. Shopify at this moment supports crypto payments through the merchant payment solution of Coinbase, Coinbase Commerce. Through the integration, millions of shoppers and merchants will have the opportunity to pay and get paid in Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH) and Dai.