Canadian e-commerce platform Shopify has joined the Libra Association, the governing council for the Facebook-founded LibraLibra stablecoin. It joins companies including Coinbase, Spotify and PayU as a member of the non-profit organization, which manages the Libra blockchain as well as running validator nodes on its network.
Libra, a stablecoinstablecoin backed by a basket of real-world assets, was developed by Facebook subsidiary Calibra in a bid to provide the world's 1.7 billion unbanked with access to financial services.
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. https://t.co/w8NWY874xr
"We spend a lot of our time thinking about how to make commerce better in parts of the world where money and banking could be far better," wrote Shopify in a blog post announcing the news. "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."
As part of its mission to "empower more entrepreneurs around the world," Shopify stated that it supported "transparent fees and easy access to capital, and ensuring the security and privacy of our merchants’ customer data."
Vodafone out, Shopify in
Libra has had a rocky start, with politicians and regulators from around the world queuing up to raise concerns about the cryptocurrency. Several founding members of the Libra Association have abandoned the project, including Stripe, eBay and Mastercard, and most recently Vodafone, which quit the project to focus on mobile payments platform M-Pesa.
In September last year, Libra confirmed that it plans to launch in the second half of 2020, and recently appointed a "steering committee" to oversee the project's technical development.
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Facebook's Diem
A wrap up of news covering the progression of Facebook's cryptocurrency, Diem, that used to be called Libra.
Diem Association (formerly known as Libra Association), the stablecoin project started by Meta (formerly known as Facebook), may soon be known as "abandoned."
The association—led by Facebook and a smattering of financial firms, venture capitalists, and aid organizations—is contemplating selling off its intellectual property and other assets "as a way to return capital to its investor members," according to a report by Bloomberg.
Any sale, which has not been confirmed by Diem or Facebook, would l...
David Marcus, the executive who shepherded Facebook's Novi wallet into existence, has announced he will be leaving the social media company at the end of December.
Marcus has been with the company seven years, serving as VP of messaging products from 2014 before co-creating the Diem cryptocurrency—which has yet to be released—and taking over Novi in 2018. Current VP of product for Novi, Stephane Kasriel, is being promoted to the top spot.
"While there’s still so much to do right on the heels of...
Venture capital firm Andreessen Horowitz, a founding member of the organization behind Facebook's Diem cryptocurrency project, is making sure something good comes of an investment that has thus far failed to bear fruit.
Two lead engineers for Facebook's Novi wallet, which will be used to hold a dollar-based stablecoin issued by the Diem Association that Facebook created, are moving into senior roles at a16z Crypto, according to a blog post from the firm today.
Riyaz Faizullabhoy and Nassim Eddeq...