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Shopify joins Facebook’s Libra Association

The announcement is a reversal in fortune for Facebook’s digital currency, which has been plagued by high-profile departures

Facebook’s digital currency has a new member, the first to join following a series of high-profile departures. 

Canadian e-commerce company Shopify, which offers digital services for small businesses, announced it was becoming a member of the Libra Association on Friday and would contribute $10m to the project.

It comes less than a month after Vodafone announced it was no longer a member, the latest company to quit the controversial cryptocurrency since it was revealed last year.

 “Much of the world’s financial infrastructure was not built to handle the scale and needs of internet commerce,” Shopify said, adding that it wanted to “build a payment network that makes money easier to access and supports merchants and consumers everywhere”.

Original members PayPal and eBay as well as Visa, MasterCard and Stripe have also left the association, which faces scepticism from regulators who are concerned about its impact on established currencies. 

Dante Disparte, head of policy and communications for the Libra Association, said: “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.”

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