Facebook’s Libra is again gaining heat as yet another firm has joined the independent consortium of Libra, the Libra Association. Per the latest report, a digital asset company, Tagomi is yet another name in a list of members of Facebook’s Libra Association,
With the joining intent in place, Tagomi aims to invest about $10 million for the development of yet to launch Libra stablecoin. Noticeably, Tagomi’s report of joining the Libra Association comes in the wake of Shopify’s inclusion in the Libra Association. Interestingly, Tagomi will be the 22nd member of Facebook’s Libra Association.
Following the contribution of $10 million to Facebook’s Libra, Tagomi can also be able to have a node that gives it authority to validate the transactions of Libra stablecoin.
While the official announcement from Tagomi is yet to be announced this week, the president of Tagomi Marc Bhargava acknowledged the news and stated that;
“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.”
It’s worth noting that, Tagomi is a two years old entity that establishes itself as a premier broker in crypto and provides users with trading, margin, custody, lending, financing, and more in a single account. The entity focuses on bridging institutional capital to digital assets and supports their democratization.
By becoming the part of Libra Association, Tagomi will spend at least $10 million in developing a cryptocurrency, and this investment will help gather dividends from interest earned on Libra Reserve’s money.
Tagomi and Shopify’s interest in Libra Association is quite surprising to many as many well-known entities such as Visa, Vodafone, Mastercard, PayPal, and Strip rejected the project due to increasing regulatory concerns.
On the other side, Shopify emphasized the importance of Libra Association and stated that they decided to join the group as to make commerce better for everybody:
“Our mission is to make commerce better for everyone and to do that, we spend a lot of our time thinking about how to make commerce better in parts of the world where money and banking could be far better. That’s why we decided to become a member of the Libra Association. This is one step, but not the only step we’ll be taking to be a part of the solution to this global problem.”
Moving forward, the Libra Association is aiming to increase the number of members. At the moment, the Association has more than 1,400 companies in its waiting list. To join the Libra Association, a two-thirds majority of existing members have to agree to accept a new member.
