Spotify Joins Libra Association

Music streaming platform  announced support for Libra, hoping for a globally available payment system

In a press release Spotify announced to become a member of the Libra Association. The association was introduced right from the start of the new digital currency.

Among the founding companies Mastercar, PayPal, Visa and Stripe. It was noted a the time of launch that there was no bank among the founding members. According to news reports all members had to pay 10 million US-Dollars to participate. 

Libra is planned to be introduced in 2020, by Facebook. If everything goes as planned, it will enhance Facebook, WhatsApp and Messenger enabling payments from user to user.

Alex Norström, Chief Premium Business Officer, further is quoted in the press release:

“One challenge for Spotify and its users around the world has been the lack of easily accessible payment systems – especially for those in financially underserved markets. This creates an enormous barrier to the bonds we work to foster between creators and their fans. In joining the Libra Association, there is an opportunity to better reach Spotify’s total addressable market, eliminate friction and enable payments in mass scale.”