Tagomi, a crypto prime broker that has raised $28 million in funding, is set to become the newest member of the Facebook-led Libra Association.
According to TechCrunch, Tagomi offers its users – large traders and funds – easy access to cryptocurrency markets and is expected to contribute at least $10 million to the development of the Libra cryptocurrency by joining the Libra Association. The funds may provide dividends from interest earned while they’re kept in the Libra reserve.
Tagomi will also have to operate a node that will help verify the transactions conducted over the Libra blockchain. The New York-based broker was reportedly founded by Jennifer Campbell, a former investor at Union Square Ventures, and has 25 employees across five offices.
Speaking to the publication a Tagomi spokesperson confirmed that it will be joining the Libra Association, becoming its 22nd member. The organization started off with more, but over time various firms – including Visa, PayPal, Mastercard, and eBay – left the Association over regulatory and compliance concerns.
Campbell and Tagomi are set to offer Libra technical and policy support to ensure the cryptocurrency is safe and compliant with international law. Lawmakers in the U.S. and EU have scrutinized Libra in various hearings, arguing it could threaten financial sovereignty and destabilize the global financial system.
Tagomi is joining the Association shortly after Shopify, a Canadian e-commerce giant that has reportedly helped over 1 million businesses launch their own stores, joined as well. In its post, Shopify made it clear that as online commerce keeps growing it’s easy to forget “payments and the value exchange of goods are not a solved problem.”