Shopify to Join Facebook-Led Libra Currency Group

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

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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.

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

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