The Libra Association, which governs the Facebook-backed Libra stablecoin, is set to add crypto trading startup Tagomi to its once-dwindling list of members, according to a TechCrunch report today.
“Tagomi is joining the Libra Foundation and Jennifer will be the newest member” the company told TechCrunch in an email, referencing Tagomi founder Jennifer Campbell. An official announcement is expected in a few days.
According to the report, Tagomi will contribute the requisite $10 million towards Libra to operate a node that validates transactions, and earn dividends on their investment—just like every other member of the Libra Association.
The might be a tall order for a startup like Tagomi, however, considering the crypto broker has only raised $28 million in funding across two rounds, according to data from Crunchbase. The company is expected to help the the Association navigate international law and offer technical and policy support for the speculated cryptocurrency that has been plagued with negative feedback from US and EU authorities.
The news of a new partner for Libra comes just after e-commerce giant Shopify joined the association last week. In addition to Tagomi, there are currently 21 organizations partnering with Libra, including Uber, Coinbase, Spotify and Andreesen Horowitz, among a plethora of other Silicon Valley titans.
It’s a sign that the tide may be turning for Libra. Prior, major partners such as Visa, Mastercard, and PayPal ditched the association citing regulatory hurdles and Facebook’s bad press. Just last month, British telecom giant Vodafone became the eighth company to drop out of the Libra Association.