A crypto project joins the Facebook digital currency project
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Answer A crypto project joins the Facebook digital currency project
According to the report Take Crunch The Libra Association, which governs the Facebook-backed Libra currency, is set to add the crypto company “Tagomi” to the association’s fluctuating list of members, which increases and decreases with each passing time.
According to the source, Tagomi will join the Libra Foundation and an official announcement is expected within the next few days.
Tagomi will contribute the required $10 million to Libra to run a node that validates transactions and earn dividends on its investments just like any other member of the Libra stablecoin association.
This could prove challenging for a startup like Tagomi, given that as a crypto broker it has only raised $28 million in funding across two rounds, according to data from Crunchbase.
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The newly joined company is expected to help navigate international law and provide technical and political support for a cryptocurrency that has been plagued by negative reviews from US and European Union authorities.
News of a new Libra partner comes after e-commerce giant Shopify joined the association last week.
An e-commerce giant joins the Facebook digital currency project
In addition to Tagomi, there are currently 21 companies collaborating with Libra, including Uber, Coinbase, Spotify, and Andreesen Horowitz, among a large number of other Silicon Valley majors.
It’s a sign that the tide may be turning to Libra.
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Prior to that, major partners such as Visa, Mastercard and PayPal abandoned the association citing regulatory hurdles and bad news related to Facebook.
Last month, British telecoms giant Vodafone became the eighth company to abandon the Libra association.
British telecoms company Vodafone withdraws from Facebook’s cryptocurrency project
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