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Facebook's Libra Association joined by Shopify

Wednesday 26 February 2020 12:45 CET | News

The ecommerce platform Shopify has revealed it will become a member of Libra Association, contributing at least USD 10 million. 

 

The company also plans to operate a node that processes transactions for the Facebook-originated stable coin. Techcrunch reports that if Libra manages to assuage international regulators’ concerns, Shopify could gain a way to process transactions without paying credit card fees. Also, Libra is designed to move between wallets with zero or nearly-zero fees, which  could save money for Shopify and the 1 million merchants running online shops on its platform.

The reasons behind Shopify’s decision are helping merchants reduce fees and bringing commerce opportunities to developing nations. The company’s mission is to make commerce better for everyone. As a member of the Libra Association, they aim to build a payment network that makes money easier to access and supports merchants and consumers everywhere, as well as it will become a validator node operator, gain one vote on the Libra Association council, and can earn dividends from interest earned on the Libra reserve in proportion to its investment.

 


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Keywords: Shopify, Facebook, cryptocurrency, Libra Association, fees, wallet, online shops, commerce, credit cards, merchants
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: World
This article is part of category

Blockchain & Cryptocurrencies