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British Payments Firm Checkout.com Joins Facebook’s Libra Currency Association

Other 2020/04/28 20:16 by Brenda Ngari
British Payments Firm Checkout.com Joins Facebook’s Libra Currency Association

Digital payments processor Checkout.com has become the latest high-profile company to join the Libra Association.

Announced on Tuesday, the London-headquartered firm is now part of the digital currency project as it believes Libra is capable of bringing financial inclusion to the billions of unbanked people all over the world.

The Libra Association Onboards A New Member

Facebook’s non-profit Libra Association has welcomed a new member. Checkout.com has become the 24th member of Facebook’s digital currency project.

The payment processor announced that it will be joining Libra in a blog post published today (April 28), stating that the move was part of its wider effort to reshape global commerce.

“Everything we do is to improve our merchants’ businesses by helping to optimize their payments function and drive operational efficiencies. This allows them to serve more customers, in more geographies, gaining the most value out of their transactions.”

The company has always been captivated by blockchain technology and its potential to improve international transaction processing, the CEO Guillaume Pousaz noted in the announcement. However, he argued that a robust regulatory framework is crucial to ensure the technological advancements provide the necessary payment infrastructure to spur mainstream adoption.

The Libra Association shares in Checkout.com’s ideology as it is interested in leveraging blockchain technology for the greater good, Pousaz added.

The blog post also indicates that one of Libra’s core missions is financial inclusion for the billions of unbanked adults in all four corners of the world and Checkout.com is hoping to contribute to this venture by bringing in its expertise.

Out With The Old, In With The New

Libra was officially announced last year with a total of 28 founding members. However, the Facebook-led digital currency project was met with heavy criticism from regulators and governments.

As a result of the intense scrutiny, most of the members left the Libra Association en masse, including Visa, Mastercard, Stripe, eBay, Booking Holdings, and Vodafone.

Regardless, Facebook has not given up on its endeavor. The Libra Association recently revamped its white paper in an effort to put global regulators at ease. The newly proposed version of Libra will entail several stablecoins tied to different fiat currencies and also a multi-currency stablecoin.

Additionally, some new distinguished companies have joined the Libra consortium in recent weeks like eCommerce giant Shopify, US-based nonprofit organization Heifer International, and crypto prime brokerage firm Tagomi.

It’s still unclear whether the amended whitepaper will help calm the jittery regulators and speed up the launch of the ambitious digital currency.

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