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Tagomi Joined Facebook’s Libra Project after Shopify

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Jayashree Ingle Follow

INDIA

Mar, 04 2020

Mar, 04 2020

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Tagomi is a major brokerage firm that has joined the Libra project as the 22nd member. Tagomi will invest around $10 million along with technical and strategic assistance. Tagomi has shared the news on Twitter but the official announcement will be done on Friday next week.

After the recent joining of commerce platform Shopify, this is the second significant addition that comes after a series of high-profile exits in the last few months. The recent exit was from Vodafone which pulled out of the project excuse to concentrate on its own digital payment system.

More about Tagomi

Tagomi is headquartered in New York and has been founded two years back by Jennifer Campbell, who is a former investor at Union Square Ventures.

Tagomi deals primarily with the brokerage of cryptocurrencies. It offers custody, trading, margin financing, and all other crypto-related services under one platform. It intends to democratize digital assets by pumping more institutional investments in this industry.

Tagomi will the operating with separate nodes to validate the transactions on the Libra blockchain with its technology and policy support which will make Libra more secure and internationally compliant.

Welcoming statement for Tagomi from Libra

Dante Disparte, Libra Head of Policy and Communications of Libra said, “We are excited to welcome Tagomi to the Libra Association. Tagomi joins a growing group of Libra Association members’ committed to achieving a safe, transparent and consumer-friendly implementation of a global payment system that breaks down financial barriers for billions of people."

Previous High profile Exits from Libra Association

After Facebook announced its digital currency project Libra, back in June 2019, it has created ripples across the world economies.

Several major economics consider it a threat to the sovereignty of their fiat currency and to the stability of their economies. Financial regulators across the world have been concerned with its supposed manipulation of the Libra over world economics. Facebook sustained wrath from its native country and the Trump government.

Owing to the Libra project schedule in the middle of this year, Libra has instigated major economies to rethink and restructure its digital currency policies. Some of the European Nations have restructured their monetary policies whereas countries like China have announced to launch their own digital currency. The US itself is exploring the viability of the digitization of the US Dollar in the incoming months.

Due to the mounting pressure by many nations and especially by the US, several major companies which joined the project at its announcement reverted from their decision to join the Libra project

MasterCard, Visa PayPal, Vodafone Marcado Pago, eBay Booking Holdings have left the project in the last few months, owing to the growing regulatory pressure from the US authorities.

 Libra Foundation under which the Libra project is shaping up is headquartered in Geneva Switzerland.


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Jayashree Ingle

CBW - External Analyst

INDIA

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