Shopify joins Facebook’s cryptocurrency Libra Association

After eBay, Visa, Stripe, and other high-profile departures, the Libra Association scored a win today with the addition of Shopify. The ecommerce platform will become a Libra Association member, contributing $10 million and operating a node that processes transactions for the Facebook-originated stable coin.

Shopify stressed that helping merchants reduce fees and bringing commerce opportunities to developing nations as reasons it’s joining the Libra Association. Here are the most critical parts of its announcement:

“Our mission is to make commerce better for everyone and to do that, 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 . . . 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 . . . Our mission has always been to support the entrepreneurial journey of the more than one million merchants on our platform. That means advocating for transparent fees and easy access to capital, and ensuring the security and privacy of our merchants’ customer data. We want to create an infrastructure that empowers more entrepreneurs around the world.”

As part of the Libra Association, Shopify will become a validator node operator, gain one vote on the Libra Assocation council, and can earn dividends from interest earned on the Libra reserve in proportion to its investment, which is $10 million at a minimum.

“We are proud to welcome Shopify, Inc. (SHOP) to the Libra Association. As a multinational commerce platform with over one million businesses in approximately 175 countries, Shopify, Inc. brings a wealth of knowledge and expertise to the Libra project” writes Dante Disparte, the Libra Association’s Head of Policy and Communications. “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.”

Here’s the full list of Libra Association members:

Current

Facebook’s Calibra, PayU, Farfetch, Lyft, Spotify, Uber, Illiad SA, Anchorage, Bison Trails, Coinbase, Xapo, Andreessen Horowitz, Union Square Ventures, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures, Creative Destruction Lab, Kiva, Mercy Corps, Women’s World Banking

Former members

Vodafone, Visa, Mastercard, Stripe, PayPal, Mercado Pago, Bookings Holdings, eBay