New York-based prime crypto broker, Tagomi, is set to join the governing body of the Facebook-backed Libra coin as the 22nd member since the group was officially formed in October 2019. The brokerage startup was founded by Jennifer Campbell back in 2018.
Moreover, according to a report by Techcrunch, Tagomi will announce its decision to join the Libra Association later in the week. The news follows the announcement by e-commerce giants Shopify, that it will be joining the Libra stablecoin governing council. Tagomi joins a long list of crypto platforms, tech startups, nonprofits and venture funds; that have formally joined the Libra Association.
The report also noted that Tagomi will pay the indispensable $10 million to operate a transaction validation node and also earn dividends on its investment; same as the other 21 members of the Libra Association.
In addition, this may seem to be an uphill task for the crypto brokerage startup; considering that it only raised $28 million across two funding rounds. However, it should be noted that the firm has listed big names such as Galaxy Digital, Pantera Electric Capital and others, as its clients. Additionally, the firm is a holder of the craved BitLicences issued by the New York State Department of Financial Services. The license allows Tagomi to serve the residents of New York.
Tagomi to Offer Libra Technical and Policy Support
Nevertheless, Tagomi is expected to offer the necessary technical and policy support to help the embattled Libra stablecoin to navigate international law. Libra has been plagued by huge scrutiny and regulatory barriers; that have hindered its launch from both U.S. and EU authorities.
This has led to some of the earliest members of the Libra Association; such as Vodafone, Stripe, MasterCard and PayPal to pull out. Vodafone left the association in January, however, the latest addition of Shopify and Tagomi; may be a sign that things might change for Libra.