Shopify announced yesterday that it will be joining the Libra Association. The e-commerce giant’s decision to become a member of the embattled cryptocurrency group comes after the association has suffered several high-profile defections in recent months, including founding payment service firms like Visa, Mastercard, and PayPal.
In a Friday press release announcing the news, Shopify noted that large segments of the globe’s financial infrastructure are currently not prepared for internet commerce. The company suggested that its goal as a member of the association is to help “make commerce better in parts of the world where money and banking could be far better.”
The firm vowed to work with other members of the association to create a more accessible payment network that enhances support for merchants and consumers:
Our mission has always been to support the entrepreneurial journey of the more than one million merchants on our platform. That means advocating for transparent fees and easy access to capital, and ensuring the security and privacy of our merchants’ customer data. We want to create an infrastructure that empowers more entrepreneurs around the world.