April 28, 2020 / 12:54 PM / a month ago

Payments processor Checkout.com to join Facebook's Libra Association

(Reuters) - 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 here 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 Inc said it would join Facebook’s Libra Association even as other firms such as Vodafone Group PLC, Paypal Holdings Inc and Mastercard Inc 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.

Reporting by Abhishek Manikandan in Bengaluru; Editing by Anil D'Silva and Ramakrishnan M.

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