Shopify joins Facebook-backed digital currency group Libra Association
In a post on its website and in tweets from Shopify chief executive Tobi Lutke on Friday, the Ottawa-based e-commerce company revealed it has become a member of the Libra Association, a non-profit organization Facebook co-founded to act as an authority for the currency. The Switzerland-headquartered Libra Association is made up of a mix of technology companies like ridesharing giants Uber Technologies Inc. and Lyft Inc., digital currency exchange companies including Coinbase Inc., venture capital groups and even academic-backed entities like the Canada-based Creative Destruction Lab. Shopify will help the Libra Association build “a safe, transparent, and consumer-friendly implementation of a global payment system that breaks down financial barriers for billions of people,” said Libra Association’s head of policy and communications Dante Disparte, in a statement to The Canadian Press. Facebook founder Mark Zuckerberg has been forced before the U.S. House Financial Services Committee to be grilled about the currency and at a U.S. House of Representatives hearing, Democratic representative Brad Sherman of California reportedly called the Libra a “powerful burglary tool.”.