Facebook’s Libra gets new partner

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After a number of firms ditched the Facebook-backed cryptocurrency, Libra, months back, the currency has added another feather to its cap, as Shopify joined the league.

Some of the companies that ditched the currency are Vodafone, Visa, Mastercard, Stripe, PayPal, Mercado Pago, Bookings Holdings, and eBay. However, Libra scored a win recently as a new member, Shopify joined the platform.

Shopify, a Canadian e-commerce company, will be contributing at least $10 million to Libra while also operating in a way Libra cryptocurrency would be used in transactions on the e-commerce websites.

Why it matters to Shopify: Chief Executive Officer, Shopify, Tobi Lukte explained that the company joined Libra’s Association because of the advantages merchants and shoppers would have using the currency as an option for a mode of payment on the shopping platform.

Libra is designed to meet the shopper’s needs without having to pay for credit card fees which mean wallets with zero fees or nearly zero fees on them can still be used for shopping.

“Shopify spends a lot of 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,” Lukte stated on Twitter.

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