Shopify joins Facebook’s Libra cryptocurrency project

It joins Facebook as eBay, PayPal and other brands pull out

Ecommerce firm Shopify is joining Facebook’s Libra Association.

The Canada-based company, which allows users to buy and sell items, and maintain small businesses, said in a press release it would join the proposed cryptocurrency network to “make commerce better in parts of the world where money and banking” could be more efficient.

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FB FACEBOOK, INC. 329.66 -6.85 -2.04%

“Much of the world’s financial infrastructure was not built to handle the scale of internet commerce," Shopify said. "As a member of the Libra Association, we will work to build a payment network that makes money easier to access and supports merchants and consumers everywhere.”

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Members of the Libra group have touted it as a way to create a reliable form of currency that’s easily transferable around the world, specifically in underbanked communities.

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SHOP SHOPIFY, INC. 1,466.87 +17.60 +1.21%

Facebook, which already runs ecommerce center Facebook Marketplace, announced its Libra plans in June but has faced pushback from lawmakers who’ve raised concerns about data privacy and who argue the digital currency could weaken the U.S. dollar.

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A number of major partners have since pulled out, including eBay, PayPal and Visa.

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