E-commerce behemothic Shopify has joined the Libra Association, a network of founding members supporting Facebook'south stablecoin project Libra.

Shopify, a major Canada-based digital commerce platform hosting more than one 1000000 merchants, will be collaborating on the institution of a global payment network within the Libra Association, the firm officially announced on February. 21.

The Libra Foundation has confirmed the news in a Facebook post, outlining that Shopify would be an "incredible partner in making widespread economical participation a reality."

Shopify believes that traditional financial system wasn't built for Net commerce

In the announcement, Shopify claimed that its action to bring together the network comes in line with the company's desire to tackle the unsolved problem of cantankerous-border payments. According to the company, "much of the world's fiscal infrastructure was not congenital to handle the calibration and needs of cyberspace commerce."

Shopify further emphasized that as a major global e-commerce platform, the company should claiming existing standards in the global payment system in order to bring "transparent fees and easy admission to capital," while ensuring the security and privacy of merchants.

Shopify said:

"Our mission is to brand commerce ameliorate for anybody and to do that, we spend a lot of our time thinking about how to brand commerce ameliorate in parts of the world where money and banking could be far improve. That'southward why we decided to become a member of the Libra Association. This is i step, simply not the but footstep we'll exist taking to exist a office of the solution to this global problem."

Shopify'due south entrance to the Libra Clan comes later a series of departures from the group by major global firms, which many associated with increased concerns of global regulators.

Cointelegraph asked both the Libra Association and Shopify nigh the potential implications of the new addition to Libra's founding group but did non receive an immediate response. This commodity will be updated if new comments come in.

Dante Disparte, head of policy and communications at the Libra Association, noted in an email to Cointelegraph that the improver of Shopify brings significant expertise as a multinational commerce platform with over a million businesses in about 175 countries. Disparte said:

"Shopify joins an active group of Libra Association members committed to achieving a rubber, transparent, and consumer-friendly implementation of a global payment system that breaks down financial barriers for billions of people."

Many months of Libra

Officially released in June 2022, Libra has non only become subject of intensified regulatory concern over the globe but too turned out to be a major trigger for the earth to start reconsidering the Usa dollar as ballast currency. Some global banks admitted that Facebook's Libra pushed central banks to seriously look into digital currency initiatives like central bank digital currencies.

However, a number of big companies like Visa, EBay, Stripe and Mastercard decided to get out the Libra Foundation amongst the regulatory doubt behind the project, which originally received back up from dozens of major companies. Every bit Facebook originally prospected, the Libra Foundation should take effectually 100 members past the time of Libra's launch in the first half of 2022. According to Libra website, Shopify has go the 21th member of the Libra Foundation.

Meanwhile, existing uncertainty over Libra has been increasing even more with the European Union recently claiming that it still cannot figure out what to exercise near Libra. Previously, Facebook CEO Mark Zuckerberg himself declared that he didn't know whether Libra would eventually work.

Disclaimer: This article was updated to specify a commentary past Libra Foundation'south caput of policy and communications Dante Disparte and to indicate that Shopify is the 21th member of the Libra Foundation.