Earlier today, Facebook announced its cryptocurrency which will debut next year. This news came after earlier last week reports revealed that the social networking giant has found several high-profile backers including Spotify for the cryptocurrency. In a recent blog post, Spotify explained its decision to join the non-profit organization to bring the currency by claiming it will open up more opportunities to people around the world.
In the official press release, Spotify claimed that executives of the company have always worked to create a platform to let users find music and related products at ease. Moreover, the company reaffirmed its commitment to bring contents at an affordable rate. As a result, it will be joining the Libra association to create a global currency and infrastructure to provide more accessibility to people.
The company noted, “Libra offers [a] massive opportunity for simple, convenient, and safe payment over the internet (particularly for the 1.7 billion adults worldwide without access to mobile money, a bank account, or a payment card). We’ve seen this directly in many of the developing markets where we operate.”
Spotify also pointed out the lack of easily accessible payment systems across the world in its press release. It revealed that by joining the association, Spotify will increase its reach to other markets where people might not have the best payment options available to them.
As for Libra, Facebook will launch the cryptocurrency later next year along with Libra’s standalone app and Facebook owned properties including Messenger and WhatsApp.