Shopify Joins Facebook-Led Libra Association

It’s been a while since Facebook’s Libra has been in the news — and, following the last round of headlines it did garner, you’d be forgiven if you assumed the project was dead. However the cryptocurrency effort managed to get a bit of a boost last week. As TechCrunch reports, e-commerce platform Shopify has now joined the Libra Association.

The addition of Shopify to the Association comes a few months after several major companies pulled their support for the project. Among those who have severed ties with Libra (at least for time being) are eBay, PayPal, Stripe, Visa, MasterCard, and others. Their departures came following a wave of regulatory scrutiny both domestically and abroad. This led Facebook CEO Mark Zuckerberg to Capitol Hill to testify before the House Financial Services Committee about Libra last October — just as supporters were dropping. Elsewhere, countries such as France and Germany preemptively moved to block the currency. Through it all, some members remained, including Uber, Lyft, Spotify, Kiva, Thrive Capital, Coinbase, and more.

Tweeting a link to a blog post announcing their membership in the Libra Association, Shopify CEO Tobi Lutke wrote, “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.” That blog post also stated, “This is one step, but not the only step we’ll be taking to be a part of the solution to this global problem.” In response, Libra Association’s head of Policy and Communications Dante Disparte said, “We are proud to welcome Shopify, Inc to the Libra Association. As a multinational commerce platform with over one million businesses in approximately 175 countries, Shopify, Inc. brings a wealth of knowledge and expertise to the Libra project.”

It’s clear that Facebook and the rest of the Libra Association still have a tall task ahead of them as they’ll need to convince regulators worldwide that the cryptocurrency won’t enable illicit activity nor put consumers’ financial data at risk. Moreover, while initial plans called for the token to launch this year, that’s seemed increasingly unlikely for some time. With all that said, the Association’s addition of Shopify could serve as a shot in the arm for the flailing project. Although the company may not be quite as high-profile as those who departed, it’s worth noting that there are still several heavy hitters in the line-up. If nothing else, it seems like Libra might not be done just yet.

Author

Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded DyerNews.com in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

Top 10 Personal Finance Articles of the Month — June 2022 

It’s time again for one of my favorite features here on Dyer News: a look at the top 10 personal finance articles of the month. To start, we'll take another look at financial independence and freedom. Then, with the housing market going a bit crazy lately, we'll feature a pair of articles on home buying. Lastly, we'll cover tips for one-income households, finance after death, fighting inflation, and more. As...

Bilt Rewards Launches Travel Portal with Benefits for Cardholders

Last year, the startup Bilt made a splash when it announced a new service that would reward users for paying their rent. That premise was then expanded upon with the launch of the Bilt Mastercard, which is issued by Wells Fargo. Now, continuing to capitalize on both the hype of their product and the demand for travel, Bilt has debuted another new offering for customers. This week, Bilt Rewards announced...

Cash App Introduces Round-Up Investing Feature for Debit Card

Debit card customers looking to grow their investments gained a new, automated option today as Block Inc. (formerly Square Inc.) officially announced a new feature for its popular Cash App. Now, customers with the Cash App Cash Card can opt into Round Ups as a means of growing their investments. When this feature is toggled on, Cash App will round up debit card purchases to the nearest dollar and invest...