Tagomi’s account on Twitter announced today that the startup becomes a member of Libra. Tagomi was founded in 2018 and provided services for large orders of digital assets. It claims to try to expand financial inclusion and has a common interest with the Libra project.
Important new member
Libra association recently welcomed a new member from Canada, Shopify. It seems Facebook and partners are trying hard to gain attraction and credibility by adding known members to their digital currency project. Although strict regulations are ahead of Libra and some of their early members like Mastercard, Visa, eBay, and Stripe have left the project in past months. Anyway, adding new members like Shopify and Tagomi means Libra is still in progress and tries hard to become alive.
Tagomi emphasizes on inclusion in the announcement of the collaboration with Libra association.
“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”, reads the tweet.
Tagomi is one of the limited companies with BitLicense. The license which is issued by the Department of Financial Services in New York lets the company work legally in that city. It means Tagomi can provide services like crypto brokerage to the citizens of the district. Therefore, the startup that has to invest $10 million to develop underlying technologies for Libra, can help the association with regulatory issues.
Adding Tagomi to the Libra Association makes it a 22 member group. Lots of famous names in the tech world will collaborate in developing Facebook’s first digital currency. Big names like Uber, Lyft, Spotify, and Coinbase are members of the Libra Association.
Tagomi becomes a member of the Libra Association because of their expertise in the technical development of trading and brokerage platforms and also familiarity with regulation policies in the fintech world. The collaboration has benefits for Tagomi, too. Being a member of an association that tries to issue the most prominent digital currency in the world can make Tagomi more famous than ever. However, Libra has to succeed first and become the most prominent digital currency.