Tagomi, a crypto-prime broker with headquarters in New York, becomes a member of the Libra Association, the governing body for the stablecoin led by Facebook. Tagomi was founded by Jennifer Campbell in 2018, a former employee at Union Square Ventures.
Tagomi becomes the 22nd member of the Libra Association. The members of the association are expected to contribute at least $ 10 million to the Libra reserve, which contains the assets that support the cryptocurrency.
Tagomi has raised $ 28 million so far, making a $ 10 million commitment a big sum for a two-year startup. It should be noted that some of the biggest names in crypto are listed as customers on the company’s website: Galaxy Digital, Pantera and Electric Capital, among others. Tagomi’s value proposition on its website is simple: “Executing large orders of digital assets is really difficult. Tagomi makes it easy.”
In addition, Tagaomi owns one of the coveted BitLicences issued by the New York State Department of Financial Services, with which it can serve New York residents.
The Libra Association itself has been in the news lately for all the wrong reasons – many of the original donors are leaving the project for fear of regulatory pressure from the US. government. The list of deserters includes Vodafone, Visa, Mastercard, Stripe, PayPal and eBay.
As for Tagomi, a stablecoin supported by Facebook could be a useful tool that would reduce the need for a fiat gateway.