Shopify joins Facebook's controversial Libra cryptocurrency project
Good news for the Libra Association after several founding members withdrew last year.
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Facebook has faced questions over its Libra cryptocurrency.
E-commerce company Shopify on Friday said it's joining the Libra Association. The addition is a bit of good news for Facebook's cryptocurrency project after several members withdrew from the group after its debut last year.
"As a member of the Libra Association, we will work collectively to build a payment network that makes money easier to access and supports merchants and consumers everywhere," the company said in a blog post Friday.
Libra is a proposed global digital coin that'll be managed by the Libra Association, a de facto monetary authority that Facebook hoped would have as many as 100 partners. The association says Libra could "empower billions of people," citing 1.7 billion adults without bank accounts who could use the currency.
However, after the project was unveiled in June, it was met with sharp skepticism from politicians, regulators and nonprofits. Several founding members dropped out last year -- including eBay, Visa, Mastercard and PayPal -- with international phone carrier Vodafone leaving the group last month.