British Firm Checkout.com becomes the 24th Member in the ‘Libra’ Association

Checkout.com, the British payments start-up has become the latest high-profile company to join Facebook’s non-profit Libra association.

The London-headquartered firm is now the 24th member to join the project Libra which focuses on building a better global payment network. 

Why did Checkout choose Libra?

The CEO and co-founder of Checkout.com Guillaume Pousaz said that the Libra project holds the promise of increasing financial inclusion for billions of unbanked people, encouraging them to participate in the digital economy. Pousaz’s aim is to change the interaction between businesses and financial services.

Pousaz believes that there should be regulations when it comes to payment processing in a technology originally conceived as the network foundation bitcoin and everyone at Checkout.com follows this policy.

He also added that in order to protect the ecosystem from systemic abuse, the regulations should be integral.

Will Facebook launch Libra?

The Facebook-led digital currency underwent massive criticism from governments and regulators expressing concerns about the ways Libra could be harnessed for illegal purposes. This criticism led to the withdrawal of financial multinational companies like Visa, Mastercard, eBay, Stripe, and MercadoPago from the Libra association.

That was a bolt from the blue moment for Libra, as they were planning to create more access to better and cheaper financial services and expand their reach in digital payment platforms through these companies.

However, it looks like Libra is planning to expand its reach and launch the global payment network at the end of the year 2020. They are planning to make some changes in their mission, vision, and purview.

From joining non-profit organizations like Heifer International to applying for a paid license from the Swiss financial market, Libra has been reinforcing its project.