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Crypto prime broker Tagomi joins Facebook’s Libra Association

Image by Alpari Org from Flickr

Thu, 27 Feb 2020, 09:16 am UTC

Crypto prime broker Tagomi has become the 22nd member of the Facebook’s Libra Association.

“Tagomi is joining the Libra Foundation and Jennifer will be the newest member,” Tagomi emailed TechCrunch.

Tagomi was founded by Jennifer Campbell, who was a former investor at Union Square Ventures, also a member of the Libra Association. The company has 25 employees across its five offices. According to the publication, the company was supposed to make the announcement later.

Tagomi confirmed the news on Twitter on Thursday.

“We're excited to become a member of @Libra_, sharing a common mission to expand financial inclusion. We believe the Libra project is poised to create a simple, inclusive, and global payment system that will empower billions of people left out of the global economy,” Tagomi wrote.

According to TechCrunch, as a Libra Association Member, Tagomi is expected to contribute at least $10 million towards developing the cryptocurrency. With the said investment, the broker is eligible to reap dividends from interest earned on money kept in the Libra Reserve. Tagomi will also operate a node verifying the transactions coming through the Libra blockchain.

Also, Campbell and Tagomi will offer technical and policy support to Libra to make cryptocurrency safer and compliant with the law. Libra receives opposition from the lawmakers in the U.S. and Europe due to its potential to facilitate money laundering and destabilize the global financial system.

Facebook’s Libra has been considered a threat to the government because it would be down to “who will have a money issuance prerogative, governments or the private tech companies?” Harro Boven felt that Libra is a challenge to the central banks.

“Libra was a wake-up call for us. Central banks have been challenged to innovate,” Boven said.

Meanwhile, a few days back, Libra announced that the Canadian multinational e-commerce company Shopify has also joined its association.

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