Shopify to Join Facebook-Led Libra Currency Group

Several companies including Vodafone, Paypal, and Mastercard have exited the Libra Association in recent months.

By Reuters | Updated: 22 February 2020 12:12 IST

Shopify to Join Facebook-Led Libra Currency Group

Photo Credit: Shopify

Shopify says it aims to build a payment network that makes money easier to access

Highlights

Shopify says its network will supports merchants and consumers everywhere
Facebook plans to launch Libra in partnership with other members
The company's ambitions have ran into regulatory scepticism ever since

Canadian e-commerce company Shopify said on Friday it would join Libra Association, a group that manages Facebook led efforts to launch a global digital currency, Libra.

"We will work collectively to build a payment network that makes money easier to access and supports merchants and consumers everywhere," Shopify said in a statement.

Several companies including Vodafone Group, Paypal Holdings and Mastercard have exited the association in recent months.

Vodafone Group Quits Facebook's Libra Cryptocurrency Project

Facebook announced in June last year its plan to launch Libra in partnership with other members of the association, but the project soon ran into trouble with sceptical regulators around the world.

Libra Association did not immediately respond to Reuters request for comment.

© Thomson Reuters 2020

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.