Business

By joining Facebook's Libra, Shopify wants to "empower more entrepreneurs around the world"

The Canadian e-commerce platform will invest at least $10 million in the project; Shopify saw its stocks climb as much as thirty-fold since its 2015 IPO

Photo: Paul McKinnon/ Shutterstock

In spite of recent setbacks, whether regarding regulation hurdles or partners pulling out of the project; Facebook keeps moving forward with Libra, and now, the cryptocurrency can count on another player to support its development: Shopify

Announced last week on a press release, the e-commerce platform became an official member of Libra association, claiming this to be a move that will enable a payment landscape more accessible to a higher number of merchants and consumers. 

“Our mission is to make commerce better for everyone and to do that, we spend a lot of our 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. This is one step, but not the only step we’ll be taking to be a part of the solution to this global problem,” Shopify stated in the communication. 

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According to information from TechCrunch, Libra’s new addition can benefit the cryptocurrency by giving back to the project e-commerce expertise, since its latest losses included online processors Stripe, PayPal and marketplace eBay. On the other hand, to Shopify, the partnership could leverage the e-commerce platform’s capacity for processing transactions. Since Libra is projected to move between wallets with zero or nearly-zero fees, this would exempt Shopify from paying credit card charges. 

By partnering with Facebook’s cryptocurrency, the Canadian platform becomes a validator of transactions and gains the right to vote on the Libra Association council. In addition, Shopify will also be able to earn dividends from interest earned on the Libra reserve according to the size of its investment – $10 million at least. “Our mission has always been to support the entrepreneurial journey of the more than one million merchants on our platform. That means advocating for transparent fees and easy access to capital, and ensuring the security and privacy of our merchants’ customer data. We want to create an infrastructure that empowers more entrepreneurs around the world,” Shopify further stated in the press release.

Recently, the e-commerce platform has been taking major steps to play a big role not only in boosting entrepreneurs around the world with its easy to use software solution, but also in giving birth to a legion of well-succeeded investors. According to Forbes, those who betted on Shopify shares benefited from a stock that has climbed as much as thirty-fold since its 2015 IPO.