Shopify Joins the Libra Association

On Friday, e-commerce giant Shopify said it's joining the Libra Association, the governing body for Facebook's eponymous cryptocurrency project.

As a Libra member, Shopify will pitch in at least $10 million, operate a node in the Libra network, and potentially earn dividends from interest on the Libra Reserve, a pool of assets backing the stablecoin.

Libra will help Shopify improve financial services and money transfers in countries where banking infrastructure is lacking, Shopify CEO Tobi Lutke tweeted. Another tasty part? Libra will have little to no transaction fees, which could help Shopify's merchants sidestep the death by a thousand cuts presented by credit card fees.

Facebook's POV

*fist pumping in Menlo Park* This is a rare vote of confidence for a project that's had a Terrible, Horrible, No Good, Very Bad few months. Libra's rollout faces regulatory hurdles and skeptical officials on multiple continents. Those concerns partially prompted The Great Exodus of payment processors in October.

Libra Association member ticker: 21, down from the initial 28. FB wants to have 100 members when Libra actually launches. Color me skeptical it'll hit that number.