Shopify Joins Facebook-Backed Libra Association Cryptocurrency Collective

The initiative is weathering the losses of Bookings Holdings, eBay, Mastercard, Mercado Pago, PayPal, Stripe, Visa, Vodafone

Shopify serves over 1 million businesses in approximately 175 countries Shopify
Headshot of David Cohen

Facebook-backed cryptocurrency collective the Libra Association has lost quite a few members since being formed last June, but it gained a prominent one in the ecommerce space Friday.

Shopify revealed in a blog post Friday that it is now a member of the Libra Association, meaning that it contributed at least $10 million and will operate a node to process transactions involving the Libra coin.

The ecommerce provider wrote, “As online commerce becomes increasingly borderless, it’s easy to forget that payments and the value exchange of goods are not a solved problem everywhere. Much of the world’s financial infrastructure was not built to handle the scale and needs of internet commerce … 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 Libra Association weathered an exodus with last October’s departures of Bookings Holdings, eBay, Mastercard, Mercado Pago, PayPal, Stripe and Visa.

Vodafone followed them out the door in January.

Shopify joins current members Anchorage, Andreessen Horowitz, Bison Trails, Breakthrough Initiatives, Calibra (Facebook’s digital wallet), Coinbase, Creative Destruction Lab, Farfetch, Illiad, Kiva, Lyft, Mercy Corps, PayU, Ribbit Capital, Spotify, Thrive Capital, Uber, Union Square Ventures, Women’s World Banking and Xapo.

Libra Association head of policy and communications Dante Disparte said in a statement, “We are proud to welcome Shopify to the Libra Association. As a multinational commerce platform with over 1 million businesses in approximately 175 countries, Shopify brings a wealth of knowledge and expertise to the Libra project. Shopify joins an active group of Libra Association members committed to achieving a safe, transparent and consumer-friendly implementation of a global payment system that breaks down financial barriers for billions of people.” David Cohen is editor of Adweek's Social Pro Daily.