Would the wheel turn for Facebook’s cryptocurrency project? After the e-commerce solutions publisher Shopify, another nugget, renowned for its legal expertise in cryptocurrencies, joins the Libra association.
Is Libra on the verge of regaining credibility? After the Canadian Shopify, it’s Tagomi’s turn to join Facebook’s digital currency project. The information, revealed by Techcrunch on 26 February, has been confirmed by stakeholders, who are nevertheless expected to make an official announcement next week. Tagomi becomes the 22nd member of the Libra Association.
Created in 2018 by Jennifer Campbell (formerly union Square Ventures, another member of the association) and Greg Tusar, Tagomi offers a platform for companies (including funds) to access cryptocurrency markets. The company, which has 25 employees in five offices (four in the United States and one in London) has developed a large-scale, real-time cryptographic asset aggregation solution.
Cash and expertise
Tagomi is one of the smallest partners in the Libra project. According to Crunchbase data, fintech raised “only” $28 million in funds in two rounds. But it could prove very useful. In addition to the valuable $10 million it will have to pay to be part of the project, the start-up will mainly bring its expertise as it will operate a blockchain transaction validation node on which Libra will rely and ensure that it compliance with international law.
The Libra association seeks, in a climate of defections, mistrust and uncertainty about its operational implementation, to reassure the financial sector. It is regularly targeted by regulatory institutions that point to numerous risks related to the project, related to money laundering, personal data and the destabilization of the global financial system.