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Why did e-commerce platform Shopify announce its membership of the Libra association at this time?

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Using Libra's ability to circulate at almost zero cost, the cost to Shopify and the roughly 1m stores operating on its platform will be significantly reduced.

Why did e-commerce platform Shopify announce its membership of the Libra association at this time?
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Q: why did e-commerce platform Shopify announce its membership of the Libra association at this time?

On February 22nd Shopify, a Canadian e-commerce company, announced that it would join the Libra association, following the departure of partners eBay, Visa, Stripe and MasterCard.

Shopify is one of the most popular online shopping platforms on which small and medium-sized retailers can build their own online stores.If Libra can manage to allay current concerns from international regulators and successfully build a payments network, Shopify could gain new ways to handle transactions. Using Libra's ability to circulate at almost zero cost, the cost to Shopify and the roughly 1m stores operating on its platform will be significantly reduced.

In addition to helping businesses cut costs, Shopify says it wants to bring business to the developing world. It will be difficult, if not impossible, to run an e-shop without a traditional bank account, especially in some developing countries. Libra allows merchants to use their Libra wallets, allowing them to collect payments immediately without incurring high credit card fees and, in theory, cashing them in local fiat currency. "Much of the world's financial infrastructure does not meet the scale and needs of Internet commerce," Shopify said.

Shopify further pointed out that in a statement. "our mission is to make the business to better serve everyone, to this end, we spent a lot of time thinking about how to make some parts of the world's business to be more perfect, because it's monetary and banking can be improved... as members of the association of Libra, we will work together to build a payment network, make it easier for financial business, And provide support for businesses and consumers around the... has always been our mission to support our platform of more than 1 million merchants business. This means that the advocates of transparent fees and easier to get the financing channels, and to ensure that our merchant's customer data security and privacy. We want to create an infrastructure to make the world more entrepreneurs get power."

With a number of association members leaving Libra, Libra faces the question of whether it can find the right partner to promote its cryptocurrency. "Shopify has spent a lot of time thinking about how to improve trade in areas of the world where money and banking can be improved. Therefore, we have decided to join the Libra association," tweeted Shopify CEO Tobi Lutke.

Libra association, head of policy and spread Dante Disparte for new members to join responded, "we have the honor to welcome Shopify Libra association. As in some 175 countries/regions with more than 100 enterprise multinational business platform, Shopify bring Libra project with abundant knowledge and professional background. Shopify joined a active Libra association member of the team, committed to achieving security, transparency and friendly global payment system for consumers, To break down the financial barriers for billions of people."

Source:weixin.qq.com