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.