Checkout.com, an online payment processor, has become a new member of the Libra Association. The company revealed Tuesday April 28 that it will join the Libra Association in developing its stablecoin series.
Libra's plan was announced last year as an attempt to create a single global currency capable of expanding financial services to anyone with a smartphone and an Internet connection, although some of these ambitions have recently been scaled back.
Checkout.com's commitment
Supported by Insight Partners, DST Global, Singapore's sovereign wealth fund, Blossom Capital and Endeavor Catalyst in a fundraising round last year, Checkout.com focuses on cross-border payments, an area where Libra, when it is was first announced last year, it hoped to reduce friction, according to Forbes.
"All we do is improve our customers' activities by helping to optimize their payment function and promoting operational efficiency," wrote CEO Guillaume Pousaz in a post.
"This allows them to serve multiple customers, in multiple geographic areas, getting the most value out of their transactions." The group had already shown interest in how blockchain tools could improve the way transactions are processed around the world, he wrote.
However, he said that a solid regulatory framework is needed to ensure a "secure and stable payment infrastructure" that would help in the adoption phase. The Libra Association shares this view, he wrote.
A new contribution for financial inclusion
Pousaz also stressed the issue of financial inclusion, one of the Libra Association's stated goals, as another area in which his company hopes to contribute.
"It is obvious to me and to the entire Checkout.com team that we intend to be part of this mission and that we can contribute to this commitment by bringing our unrivaled experience in the design of payments," said Pousaz.
In a statement, Libra Association policy and communications officer Dante Disparte welcomed the company. The news came a week after Heifer International, a global nonprofit organization, also announced its membership and made Libra the 24th member of the organization.
Libra was initially announced with 28 starting members, but many withdrew before the association was formally established due to regulatory concerns and pressure. Vodafone also retired earlier this year to focus on its native digital payment system, M-Pesa.
Since then, however, the Libra Association has added a few new members and revised its white paper in an attempt to address global regulators' concerns about its original vision of stablecoins.
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