Shopify Joins Facebook's Libra Association

Canada based eCommerce platform Shopify announced to join Libra Association, venture behind the cryptocurrency of Facebook, on Friday in the press release.

According to press release, the company says that the reason to join the venture is to make banking and finance easier in the areas where it can be profitable. The e-commerce company further said that the present companies and banks are not able to run on the digital world. Shopify aimed to assist entrepreneurs by providing them an easy way to get capital and transaction while providing them privacy and security.

The e-commerce was welcomed with warms words from Libra Association. Dante Diaparte, policy and communications head, said that Shopify has brought expertise and knowledge with it to the association that will assist the company to bring such a payment system that would break barriers for billions of people.

However, researchers and analysts said that the company joined the backbone of the cryptocurrency of social media to expand their business and sales.

The President of Research Group of Toronto, Kaan Yigit, said that Shopify’s purpose to become part of Libra is to increase its market to provide a cheaper way to small merchants to transact money which would minimize the role of a middleman like MasterCard and Visa.

Wedbush Securities’ analyst, Ygal Aronian, said that the two handshakes because Shopify’s main target is to assist low key merchants who don’t know about traditional payment methods and for this, it is using Libra to experiment with new payment methods.

Shopify joined Libra when known payment companies left the club because they found out that it is not easy to have virtual currency’s complete setup. American government was against it and then French government that it would not be welcomed in European countries.

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