.Spotify explains why it is backing facebook's Libra cryptocurrency
Daniel Ek, CEO of Spotify, makes a speech at a press conference in Tokyo on Sept. 29, 2016.
Facebook announced its ambitious plan on Tuesday to create a Bitcoin-like currency as a way of sending money across borders without incurring significant fees. The company believes Libra, scheduled to launch in the next 6-12 months, could help drive more e-commerce across its services and boost a spending.
"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," said, Spotify's chief premium business officer. "This creates an enormous barrier to the bonds we work to foster between creators and their fans.
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