Shopify has been the latest firm to join Facebook’s Libra association, despite the exodus of a number of firms including Vodafone, Paypal, Mastercard, Visa, eBay, Stripe, Booking Holdings and Mercado Pago.
Its entry into the association means it will contribute at least $10 million, and can earn dividends from interest earned on the Libra reserve in proportion to this investment.
Additionally, Shopify will operate a node that processes transactions for the cryptocurrency, and gain one vote on the Libra Association council.
According to the firm, they decided to join the association so as to help merchants reduce fees, and also bring commerce opportunities to developing nations.
Other members include Coinbase, Xapo, Anchorage, Bison Trails, Creative Destruction Lab, Andreessen Horowitz, Thrive Capital, Ribbit Capital, Union Square Ventures, Illiad, Farfetch, Uber, Lyft, Kiva, Mercy Corps, Women’s World Banking, Spotify, PayU and Mark Zuckerberg’s Breakthrough Initiatives.
Shopify Inc. is a Canadian multinational e-commerce company. Its headquarters are in Ottawa, Ontario. It offers online retailers services such as payments, marketing, shipping and customer engagement tools.