Ecommerce business Shopify has become the latest member of Facebook’s Libra Association.
In Brief:
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The company will contribute at least $10mn.
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It will operate a node that processes transactions for the coin.
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Shopify hopes that if the project is successful it will be a way to avoid credit card fees, saving money for the merchants on its platform.
What does this mean?
Shopify says the project fits in with its mission to “make commerce better” as it will offer the opportunity to support the merchants on its platform. “Much of the world’s financial infrastructure was not built to handle the scale and needs of internet commerce,” said the company.
