Canada’s e-commerce platform company, Shopify, joins as a new partner emerged in the Facebook-led Libra project. The project has been facing growing uncertainty due to the continued emergence of companies that were stepping out of business. As well as some widespread government-level concerns.
As one of the members of the Libra Association, Shopify said it could be easier on the currency. And it also stated it will work together to develop a payment network that supports merchants and consumers everywhere. Shopify also shared expectations about how Libra will improve e-commerce everywhere.
In addition to online shopping mall establishment solutions, Sophiefy also offers a platform with services needed to build and operate online shopping malls. Such as domain registration, order, delivery, payment management and marketing. Smaller vendors offer many of the solutions needed to operate their own shopping malls.
This allows shopping mall operators to ease the burden of building and managing shopping malls and focus on making and selling products. Using Sophify, startups without IT expertise can also operate “specialized shopping malls” that sell specialized concepts and products. More than 1 million merchants are currently using the Shopify platform.
Shopify currently supports merchants operating on its platform through CoinBase Commerce, BitPay, GoCoin and CoinPayment Beta to receive encryption money and sell products.
How Libra might not be the best option for Shopify
Facebook released the Libra white paper in June last year and said it will officially release the Libra within this year. However, this year’s release has become uncertain as the checkpoints continue to fly from each country’s regulatory authorities.
Skepticism is not easy. Reflecting this, eight companies decided to participate in the Libra Association last year and early this year. But they withdrew for one reason or another. Vodafone also seceded from Facebook-led encryption Libra alliance
There continue to be concerns that the Libra will threaten the currency issuance rights of governments and the global financial system.
