Shopify joins Facebook’s embattled Libra Association
The decision comes about a month after Vodafone pulled out of the organization to build its own digital system.
Canadian e-commerce platform Shopify Inc. announced Friday it was joining the Facebook-led Libra Association, becoming the first new member since several high-profile exits.
Shopify Chief Executive Officer Tobi Lutke, in a Twitter post, called it a way to improve money and banking.
The decision comes about a month after Vodafone pulled out of the organization to build its own digital system. Some original members of the association, like Visa and Mastercard, left the group in the wake of a pushback from U.S. officials.
When asked about Shopify's decision to become a member in light of the seemingly problematic start, CEO Lutke said they liked to make decisions on future potential instead of heard movement.
The Libra Association originally expected to have as many as 28 total members when the project to create a new global cryptocurrency was announced in June last year. It now has 21 members.