Facebook Crypto Libra has a new member!
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Libra was introduced by Facebook back in June as a global currency that would allow users to make faster and cheaper cross-border payments. But the project quickly drew the ire of policymakers around the world who worried it could heavily disrupt the financial system, risk potential money laundering and compete with fiat currencies like the U.S. dollar.
Libra will be different to cryptocurrencies like bitcoin, as bitcoin’s network can be accessed and maintained by anyone with decent enough hardware and access to the internet.
British payments start-up Checkout.com has joined the Libra Association, the digital currency project set up by Facebook last year.
Checkout.com is the first payment processor to join the initiative since U.S. giants Visa, Mastercard and Stripe all pulled out over regulatory concerns in October. In recent weeks, other firms have said they will back Libra, including e-commerce giant Shopify, non-profit organization Heifer International and cryptocurrency brokerage Tagomi.
Checkout.com is a competitor to the likes of Stripe and Dutch firm Adyen, which have made it easier for firms to integrate online payments. The company was last year valued at $2 billion in its first funding round — a $230 million deal that was agreed over handshakes, rather than with traditional term sheets.
Dante Disparte, head of policy and communications at the Libra Association, said the group was “thrilled” to welcome Checkout.com as a member.
“The organization joins a dynamic and growing group of Libra Association members committed to achieving a safe, transparent, and consumer-friendly implementation of a global payment system that breaks down financial barriers for billions of people,” Disparte said in a statement emailed to CNBC.
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