A new partnership is in the horizon in the Libra news where Tagomi, a crypto prime and major NY broker will join the Libra Association, the governing body behind the Facebook-led stablecoin. Tagomi was founded by Jennifer Campbell in 2018 in New York – she is a former associate at Union Square Ventures.
The Libra news also show that Tagomi will become the 22nd member of the Libra Association. As you probably know, Members are expected to contribute at least $10 million to the Libra Reserve, which holds the assets that back the cryptocurrency.
Meanwhile, the major NY broker Tagomi has raised $28 million to date, making a $10 million commitment a large amount for a startup that is just two years old. It should be noted that some of the biggest names in crypto are listed as clients on the company’s website. Galaxy Digital, Pantera and Electric Capital are amongst others.
Right now, Tagomi has a simple value proposition listed on its website. It says “Executing large orders of digital assets is really hard. Tagomi makes it simple.”
Moreover, Tagomi is holding one of the highly coveted BitLicenses which are issued by the New York State Department of Financial Services, allowing it to serve New York residents. The Libra Association itself has been in the news lately for all the wrong reasons. Many of the original backers are abandoning the project and fearing regulatory pressure coming from the US government. This list of deserters includes Vodafone, Visa, Mastercard, Stripe, PayPal and eBay.
As for the major NY broker Tagomi, a Facebook backed stablecoin could be a useful tool that would diminish the need for a fiat gateway.
All in all, Libra is ramping up its list of partners. Despite the quitting of previous partners such as Mastercard and PayPal, the company is still operating and wanting to get more partners before its expected launch. Libra has always been a hot topic in the altcoin news and there is a clear reason why it is one of the most anticipated cryptocurrencies out there.
Meanwhile, the market cap today shows that billions were lost as Bitcoin went to $8,800 and almost erased its February gains. Traders are cautious about investing in altcoins, too.
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