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Facebook's Libra has a new member - Checkout.com

Wednesday 29 April 2020 09:38 CET | News

Checkout.com, a UK-based payments startup, has joined the Libra Association, the digital currency project set up by Facebook in 2019.

Checkout.com is the first payment processor to join the initiative since US payments companies Visa, Mastercard, and Stripe all pulled out over regulatory concerns in October 2019, according to CNBC. In recent weeks, other companies have said they will back Libra, including ecommerce provider Shopify, non-profit organisation Heifer International, and cryptocurrency brokerage Tagomi.

Libra was introduced by Facebook back in June 2019 as a global currency that would allow users to make faster and cheaper cross-border payments. But the project attracted concerns from policymakers around the world who worried it could heavily disrupt the financial system, risk potential money laundering, and compete with fiat currencies like the US dollar.

Checkout.com CEO and co-founder acknowledged that blockchain should be regulated when it comes to payment processing. He added that members of the Libra Association ‘share’ that philosophy. The association also said it would forgo its initial aim to move to a ‘permissionless’ blockchain system which would have allowed anyone to contribute to the network. Instead, it is settled for a more centralised structure that will be governed by its now-24 members.
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Keywords: Checkout.com, Libra, Facebook, cryptocurrency, Libra Association, Switzerland
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: World
This article is part of category

Blockchain & Cryptocurrencies