Facebook’s Libra Association has seen a new member join the cohort, as Checkout.com announced on April 28 that it had joined Facebook’s intensely debated cryptocurrency initiative. 

In the blog post, Checkout.com Chief Executive Officer (CEO) and founder Guillaume Pousaz described the decision as one that is in line with Checkout.com’s mission to “change the way that businesses interact with financial services for the better.” The company provides payments solutions that include services such as streamlined payment integration, fraud protection and data analysis. 

Pousaz believes that blockchain technology can enhance global payments processing and that regulation is a key part of that process,

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.

Concerning regulation, Libra itself has had a topsy turvy time since its announcement. Few updates on progress were offered since the backlash it faced from governments across the world. Many authorities fear that Libra could undermine global currencies with its cross-border currencies, which has forced Facbook to reconsider Libra’s design, just as the Financial Stability Board (FSB) has released tentative recommendations that “global stablecoins” be banned.

Furthermore, the Libra Association lost some significant members in October 2019, when Visa, Mastercard, Stripe and eBay all decided to depart following regulatory concerns. Meanwhile, banks all over the world are considering launching their own Central Bank Digital Currencies (CBDCs).

While the Libra Association works on its own currency, cryptocurrencies themselves are coming to be seen as increasingly legitimate by multiple incumbent institutions and industry outlets. Bloomberg says that Bitcoin is experiencing a leap in maturation, while institutional investment is steadily gaining, largely due to hedge fund investments, according to Grayscale Investments.