Shopify joins Facebook’s cryptocurrency Libra Association – TechCrunch

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

If Libra manages to assuage international regulators’ concerns which are currently blocking its roll out, Shopify could gain a way to process transactions without paying credit card fees. Libra is designed to move between wallets with zero or nearly-zero fee. That could save money for Shopify and the 1 million merchants running online shops on its platform.

Shopify stressed that helping merchants reduce fees and bringing commerce opportunities to developing nations as reasons it’s joining the Libra Association . “Much of the world’s financial infrastructure was not built to handle the scale and needs of internet…