Briefing

Cryptocurrency startup Tagomi joining Facebook’s Libra Association

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The New Jersey-based firm will be the 22nd member of the association. The news comes five days after Shopify signed on. (TechCrunch)

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Talking point: This is the second new company to join since eight firms departed the association. Tagomi, with 25 employees and US$28 million in fundraising, is a fraction of the size of the firms that have abandoned the association, like over US$400-billion market cap Visa or 92,000-person Vodafone. However, Tagomi’s platform helps large funds trade cryptocurrency—payment-processing expertise that may come in handy now that firms like Stripe and PayPal have left the association. The two new additions come as Facebook is facing growing pressure from regulators around the world. On Tuesday, the Bank of Canada said it was preparing a digital loonie prototype. The U.S., Japan and the European Union are all exploring issuing their own coins, while China is aiming for a pilot launch of its own digital currency in 2020.