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- Libra Foundation, is now partnering up with the world’s largest online store maker Shopify.
- Shopify is joining hands with Facebook’s very own Cryptocurrency. Facebook’s crypto, Libra, had broken the news headlines around the world when it was launched.
- Libra was formally announced on the 18th of June in the year 2019, and the creators of the currency are listed as Morgan Beller, Kevin Weil and David Marcus.
The Cryptocurrency developed by Facebook, Libra Foundation, is now partnering up with the world’s largest online store maker Shopify.
Facebook has been ditched by quite a lot of partners such as eBay, Stripe and Visa amongst the others. But now Shopify is joining hands with Facebook’s very own Cryptocurrency. Facebook’s crypto, Libra, had broken the news headlines around the world when it was launched.
Libra is expected to launch in 2020, open-source Cryptocurrency is written in Rust and is currently in the development stage. The crypto and blockchain effort was started in 2017 by Morgan Beller, who was at that time the only one working on the blockchain project on Facebook.
Libra was formally announced on the 18th of June in the year 2019, and the creators of the currency are listed as Morgan Beller, Kevin Weil and David Marcus.
Shopify the E-commerce platform will contribute at least $10 million and will operate a node that will process transactions for the Libra’s coin.
If Libra manages to navigate through the International regulations that are currently not allowing it’s rolling, Shopify will be able to get way to process transactions without the use of credit or debit cards.
The Libra Foundation has designed the crypto in such a way that it will move between wallets with zero or a very very minimal fee and that could be of huge help to the Shopify platform which has over 1 million users on its platform.
Shopify and Libra to go hand in Hand
Shopify says that their mission is to make commerce better and accessible for everyone around the globe. To do so, they will have to spend a lot of time thinking about how they can make commerce better in various parts of the world where the banking and money could be made better by being a member of the libra foundation.
By joining their hands with the Libra Foundation, they both can together build a payment network that makes money easier to be accessed around the world and also to be able to build such a payment network that supports the merchants and their consumers everywhere.
Shopify also said that their mission has always been to be able to support the entrepreneurial journey of the huge number of more than 1 million merchants on their platform.
Shopify might be the platform that gives the Libra foundation the much-needed start in the market, that is, of course, if this partnership works out, unlike the other failed ones that Facebook saw in the past.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
