Payments Processor Checkout.com To Join Facebook’s Libra Association

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Global payment service provider Checkout.com said on Tuesday it would join Libra Association, the entity managing the Facebook-led effort to build global digital currency Libra.

“The Libra project holds the promise of increasing financial inclusion for billions of unbanked people”, the company said https://www.checkout.com/blog/post/checkout-com-joins-the-libra-association, adding that it was important to regulate the blockchain space to ensure a secure and stable payments infrastructure.

In February, Canadian e-commerce company Shopify (NYSE:SHOP) Inc said it would join Facebook (NASDAQ:FB)’s Libra Association even as other firms such as Vodafone Group PLC (LON:VOD), Paypal Holdings (NASDAQ:PYPL) Inc and Mastercard Inc (NYSE:MA) opted to exit the project, which ran into global regulatory troubles.

Facebook, which unveiled plans for Libra in June, said the cryptocurrency would be backed by a reserve of real-world assets, including bank deposits and short-term government securities, and held by a network of custodians.

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