More and more companies are in the quest for joining the Libra Association. So far, Tagomi is its latest member. Tagomi is a crypto prime broker that was founded in 2018 by Jennifer Campbell and is headquartered in New York. Tagomi offers a platform that makes it easy to access cryptocurrency markets. Its main target is large traders and funds to access markets.
Tagomi’s membership comes just a few days after Shopify also joined the band.
Libra Associations members are obliged to contribute at least $10 million as Libra reserve, which backs up Facebook’s stablecoin. The contribution will be more like an investment as one will get dividends from the interest earned.
Tagomi’s membership is more than meets the eye, as the membership will allow Tagomi to control a node that makes transactions at the Libra blockchain valid. Tagomi will offer both technical and policy support to make sure that stablecoin is safe and complies with international law.
So far, Tagomi has raised to $28 million and has already made its commitment of $10 million. Tagomi, just like many other companies, has joined Libra Association to increase the efficiency of its services. It believes that through the membership it will tap onto the technology that will make the execution of digital assets a bliss. It also believes that through stablecoin, it will cut the overdependency on fiat currency.
Even though Libra has added to new memberships recently, it has been on the negative light especially towards the end of last year, making some companies quit membership. Some of the companies that quit include Vodafone, Mastercard, Visa, eBay, Stripe, Mercado Pago, and PayPal. The negativity was prompted by rumors that Libra has the potential to promote money laundering, destroy privacy, and affect the global financial system. The withdrawal of some of its members was mainly due to regulatory issues. Beginning of the month, European Commission Executive Vice president Valdis Dombrovskis mentioned that Libra is not detailed. He added that the EU intends to make sure that Libra complies with the relevant laws once it is launched.
Despite Libra’s position which is not so stable, the association is set for the heights. More membership is a simple indicator that it is growing. There is a likelihood that the association is working on addressing the issues that it is facing such as compliance with the law. Once that is set, then that is it.
Image from Flickr
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