Tagomi Puts its Support Behind Facebook’s Libra’ Cryptocurrency

Tagomi, a prime crypto broker, puts its support behind Facebook’s Libra’ Cryptocurrency. Tagomi will have to contribute at least 10 million dollars in the Libra reserve to the development of the cryptocurrency. It will also operate a node that will validate transactions through the Libra blockchain.

27 February, 2020 | AtoZ Markets –  Tagomi was co-founded by former HFT technologists, including Greg Tusar, global e-commerce manager at Goldman Sachs, and Jennifer Campbell of Union Square Ventures. The broker has its electronic trading service for crypto and also aggregates liquidity on several exchanges and executes transactions based on a single unified order book.

Moreover, Tagomi also provides its partners with a direct workflow and process for managing crypto wallets and trading on numerous exchanges and other destinations.

Tagomi Will Join Libra Association

Tagomi will support the Libra Association, the governing body for Cryptocurrency managed by Facebook. It will also become the 22nd member of the Libra Association. Association members expected to contribute at least $ 10 million to the Libra Reserve, which holds the assets and support the cryptocurrency.

Tagomi has raised $ 28 million to date, committing $ 10 million a significant amount for a two-year start-up. Some of the biggest names in crypto listed as customers on the company’s website. They are Galaxy Digital, Pantera and Electric Capital, among others. 

In an interview, Tagomi co-founder Marc Bhargava said that more and more retail-type exchanges are emerging. Companies like Tagomi have joined the institutions.

Besides, Tagaomi holds one of the coveted BitLicences issued by the New York State Department of Financial Services, which allows it to serve New York residents. Canadian e-commerce company Shopify also would work with Facebook.

Read More: Iran’s General Proposes Use of Cryptocurrency to Evade Sanction

Companies That Have Abandoned the Project

Many leading partners dropped the membership at the end of 2019.  The group has seen high-profile departures, including PayPal, Mastercard, eBay, Stripe and others. Those companies have pulled out themselves from Facebook-led cryptocurrency initiative. Other key partners who committed at the beginning of the summer have reconsidered their participation.

As for Tagomi, a stable coin supported by Facebook could be a useful tool. It would decrease its need for a fiat gateway. The recent additions constitute a positive turnaround for the members of the organization.

Facebook hopes to extend the Libra Association to more than 100 members. It want to the launch of the payment network later in the year.

Crypto-native partners like Coinbase and Xapo have chosen to stay with the Libra Association. Financial giants are increasingly reluctant to support the project. They continues to face questions from US and European regulatory authorities.

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