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Checkout.com is the first payments firm to join the Libra Association since Visa, Mastercard and Stripe pulled out over regulatory concerns. Libra was met with almost instant backlash from global policymakers.
Online payment processor Checkout.com announced on Tuesday that it became the newest member of the Libra Association.
The company stated it would join the Libra Association in order to develop its series of stablecoins. Its CEO and founder Guillaume Pousaz said the company’s mission is to change the way that businesses interact with financial services for the better.
“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.”
Pousaz said that in the Libra Association Checkout saw a certain group of peers who share similar philosophy and who “demonstrated a thoughtful and realistic approach to how blockchain can be leveraged for the greater good.”
Checkout and Libra: Promise of Rising Financial Admittance for Unbanked
He also added that the Libra project possess the promise of rising financial admittance for billions of unbanked people, enabling them to engage in the digital economy and reducing discrepancy.
That’s how Pousaz realized that, together with the whole, Checkout.com team they want to be part of the same goal. He also added that he thinks his company can pretty much add on to this effort by bringing their unparalleled payments engineering expertise.
Let us remind ourselves what exactly is Libra. Libra cryptocurrency is a stable currency designed by Facebook on a reliable and secure open-source blockchain, supported by a reserve of actual assets, and managed by an independent association. The Libra’s mission is a simple financial infrastructure and global currency that influences billions of individuals.
Backed by Insight Partners, DST Global, Singapore’s sovereign Wealth Fund, Blossom Capital and Endeavor Catalyst in a fundraising round last year, the firm pays special attention to cross border payments.
Heifer International Joined Libra As Well
In a separate statement, Libra Association head of policy and communications Dante Disparte welcomed the company to the organization.
The news comes a day after global nonprofit Heifer International said it is also joining the Libra Association, it announced Monday, becoming the 23rd official member of the organization. The group joined Libra in order to ease the creation of a low-cost, available financial system, it stated in their blog post, adding that Libra’s stated mission is to build a system that “will support financial inclusion, competition, and responsible financial services innovation.”
Facebook wanted to bring the most prominent firms in every industry to work on this project. Now they have only 28 global businesses, but they hoped to get approximately 100 by the beginning of 2020.
To propel adoption, the Libra Association, which will govern the virtual currency, will assist in providing financial incentives to customers as well as merchants, such as free Libra for launching a wallet, or discounts on Libra payments for a business who accept the currency.