advertisement

Crypto Broker Tagomi Joins Embattled Libra Association

Crypto Broker Tagomi Joins Embattled Libra Association

The Libra Association, which governs the Facebook-backed Libra stablecoin, is set to add crypto trading startup Tagomi to its once-dwindling list of members, according to a TechCrunch reported.

Facebook-led Digital Currency Libra Welcomes Tagomi in Association

“Tagomi is joining the Libra Foundation and Jennifer will be the newest member,” the company told TechCrunch in an email, referencing Tagomi founder Jennifer Campbell. The firm will make a formal announcement on Friday or next week.

According to the report, Tagomi will contribute $10 million to fund the operating costs of the project. The brokerage will also earn dividends on their investment—just like every other member of the Libra Association.

The might be a tall order for a startup like Tagomi. The reason is that the firm has only raised $28 million in funding across two rounds, as per Crunchbase. The company will help the Association navigate international law. Tagomi will also offer technical and policy support for the embattled Libra currency that continues to face queries from US and European regulators.

New Members as Founders Back Out

The news of a new partner for Libra comes just after e-commerce giant Shopify joined the association last week. In addition to Tagomi, there are currently 21 organizations partnering with Libra. These include Uber, Coinbase, Spotify and Andreesen Horowitz, among a plethora of other Silicon Valley titans.

It’s a sign that the tide may be turning for Libra. Prior, major partners such as Visa, Mastercard, and PayPal ditched the association citing regulatory hurdles and Facebook’s bad press. Just last month, British telecom giant Vodafone became the eighth company to drop out of the Libra Association.

Get Latest Cryptocurrency And Bitcoin News

Signup this form below to get latest Cryptocurrency and Bitcoin news, directly in your mailbox

Note:

Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.