The Japan-based online brokerage Monex Group Inc., wants to become a member of the Facebook Libra project. The financial services giant Monex is the owner of the cryptocurrency exchange Coincheck that was hacked in 2018 losing around $500 million in NEM (XEM) coins. The information was released by Cointelegraph Japan on July 26.
Japanese Company Wants To Join Libra
According to this report, Monex Group’s CEO Oki Matsumoto informed that the firm has contacted Facebook and filed an application to be part of the Libra Association. He said that in a press conference related to Monex’s Q2 2019 financial results.
Facebook announced the creation of the Libra Association that is currently located in Switzerland. The goal is to offer a governance consortium to the Libra cryptocurrency network. There are different firms and members that are already taking part in this initiative, including Visa, Uber, eBay, Mastercard and MercadoLibre, among others.
In order for participants to be able to be part of the association, they have to pay $10 million for this privilege. Although this might be difficult for some companies, they consider being part of the network offers great potential.
The firm is expected to have its application reviewed at the end of August this year. After this period of time, the Association will provide the firm with an answer on whether the application has been approved or not. The final answer is going to be provided as soon as in September. If after the review phase the company is approved, it will become the first Japanese company in joining the Libra Association.
Matsumoto explained that the Libra digital asset could help increase the number of individuals with access to financial services. People would be able to send cross-border payments and also donations in a fast and easy way, without to rely on old systems.
About it, he commented:
“The more you try to stop the virtual currency, the more you go underground. I think that this tendency will cede to the idea that reliable operators are better.”
A few weeks ago, U.S. President Donald Trump criticized Facebook’s project Libra. He said that if Facebook wants to offer banking services it would have to follow banking regulations. In addition to it, there are several regulators in different jurisdictions that are trying to understand how to better regulate Libra.
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