British payments firm Checkout.com has joined the Libra Association, a digital currency project backed by social media giant Facebook.
Checkout.com has become the 24th member of the ambitious digital currency project launched in June last year.
The project faced a series of backlash both from partner companies and global watchdogs.
Within the four months of the launch, many payment firms including Visa and Mastercard left the Libra project over regulatory concerns.
In order to address these concerns, Facebook recently decided to revamp the cryptocurrency project Libra.
The digital currency will now be linked to individual national currencies. Facebook also agreed to give global regulators rights to regulate the currency.
Furthermore, Libra Association, the governing body of Libra, will now offer ‘stablecoins’ which will be backed by single national currencies.
Checkout.com is the first payments firm to join the association since Visa, Mastercard exited the association.
Checkout.com CEO and co-founder Guillaume Pousaz in a blog post wrote: “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. At the same time, we felt strongly that regulation should form an integral part of any resulting framework, given its unique ability to protect the ecosystem from systemic abuses.”
“We greatly value the opportunity to uphold these views by joining the Libra Association,” Pousaz added.