eBay joins group that will govern Libra digital currency
Facebook (FB) recently unveiled a new cryptocurrency called Libra, which is intended to be a global digital currency that people use to settle payments with merchants and among themselves. Libra is set to launch next year. To ensure that Libra will work as intended, Facebook has formed the Libra Association, a governing body that will be based in Switzerland.
eBay is a member of the Libra Association alongside ride-hailing providers Lyft (LYFT) and Uber Technologies (UBER). The other Libra Association members include card companies Visa (V) and MasterCard (MA) and digital payment provider PayPal (PYPL), which was an eBay subsidiary until 2015, when it separated and eventually went public.
eBay hopes Libra will expand its market
eBay sees cryptocurrency redefining e-commerce, just like the Internet redefined shopping, allowing people to buy from merchants thousands of miles away from the comfort of their living rooms. The company says it believes cryptocurrency will expand the global e-commerce market and make online shopping frictionless and more affordable for consumers. eBay says it joined the Libra Association to be at the forefront of developing the digital currency and to learn how cryptocurrencies and the blockchain can enhance the customer experience.