Tagomi, a digital currency upstart, will reportedly become the newest Libra Association member. According to reports on Wednesday (Feb. 26), a formal announcement is to occur Friday or the week to come.
Jennifer Campbell, a former Union Square Ventures investor, started Tagomi. The firm has 25 employees throughout five offices. Tagomi, as well as Campbell, will provide policy and technical support to Libra to help make digital currency safer as well as more compliant with global rules, according to TechCrunch.
By becoming a part of the Libra roster, Tagomi will reportedly need to put a minimum of $10 million toward creating the digital currency. That investment, in turn, would have the ability to get dividends from interest on Libra Reserve funds. Also, Tagomi will run a node that validates Libra blockchain transactions.
Tagomi provides a platform that assists funds as well as big traders access the digital currency markets in a simple fashion. Current members of the Libra association also include Coinbase, Farfetch, Xapo and Spotify, among others.
The news comes as Facebook’s Libra Association added another new member after a number of participatory firms left the organization in the past few months. eCommerce firm Shopify said it was going to become a part of the organization “to make commerce better in parts of the world where money and banking could be far better.”
The Libra Association has said Libra, the proposed cryptocurrency of Facebook, is a means to make money available for the unbanked and underdeveloped population around the globe, something that developers, as well as lawmakers, around the world have questioned.
U.S. legislators said they were as uneducated about Libra after a session with Mark Zuckerberg, Facebook CEO, in October, as they were beforehand. U.S. Rep. Maxine Waters of California said at the time, “To simply say that you’re organizing Libra because you’re concerned about the unbanked and it’s going to have payments systems does not answer the questions for me.”