While the final structuring of Facebook’s Libra Project remains unknown, the group of companies backing the project, known as the ‘Libra Association’, have experienced positive growth over the past few months.
When regulators first criticized the project, last year, there was an initial exodus of founding members, as fear got the best of them. That fear has since abated, with new companies now joining the fray – The latest of which is checkout.com
The popular payments processor just announced their entrance into this association, with an eye on financial inclusion.
In announcing their entrance into the Libra Association, checkout.com CEO, Guillaume Pousaz, had the following to say.
“In the past few years, we have witnessed from afar the birth of various digitally native currencies. We are technologists at heart and have always been fascinated by blockchain and the potential benefits it could bring to global transaction processing.”
“… The Libra project holds the promise of increasing financial inclusion for billions of unbanked people, empowering them to participate in the digital economy and reducing disparities.”
When looking at the type of companies included in the Libra Association, not a single one is a ‘slouch’. Each company has been wildly successful in whatever it is they do – checkout.com is no different.
Less than a year ago, the company made waves when they closed one of the largest Series A funding rounds of all time. Totaling $230 million, this raise was the largest ever seen in Europe, and the 3rd largest ever globally.
The following are a few notable companies which took part in this round, and continue to support checkout.com, to this day.
- DST Global
- Insight Partners
- Blossom Capital
- Endeavor Capital
As previously stated, the Libra Association has seen multiple instances of positive growth in recent months. For instance, with this move, checkout.com finds themselves side by side with Shopify, as the newest members of the Libra Association.
Shopify is especially noteworthy, as they have recently become the second largest stock in Canada, with a greater than $100billion market value.
While a growing Libra Association is a positive step forward, the project itself remains in a state of flux. At this point in time, no one really knows what the final product will resemble.
This state of unknown is largely, in part, due to push-back from politicians and regulators. We recently took a look at some of the changes made to the project, so far, as a result of these pressures. Primary of which is the change from a single stablecoin backed by a ‘basket’ of FIAT currencies, to a series of coins each backed by a single form of FIAT.
Originally founded in 2009 as Opus Payments, checkout.com was birthed after a transition in 2012. While the company employs over 500 individuals, spanning more than 10 countries, headquarters are maintained in London, England. Above all, checkout.com functions as a payments processor, facilitating cross-border transactions globally.
CEO, Guillaume Pousaz, currently oversees company operations.
The Libra Project is an endeavour orchestrated by Facebook. The project was announced in 2019 to much fanfare, with the promise of establishing financial inclusion for all. The project is backed by a group of like-minded companies, which constitute the Libra Association.