A leading Japanese broker to join Libra Association

Monex Group wants to become a part of Facebook's Libra Association.
The company sees the project as very promising.

Tanya Abrosimova Independent Analyst

A leading online brokerage company in Japan, Monex Group, wants to become a part of Facebooks' Libra project. The broker applied to become a node operator.

Oki Matsumoto, the president of the Group, announced the decision during the company's regular meeting devoted to the results of Q2.

It is worth noting, that Matsumoto sounded very optimistic about Libra, despite that the recent Facebooks's cryptocurrency initiative had faced stiff resistance from global regulators and governments.

According to Matsumoto, Libra might unlock various possibilities, including "financial inclusion" and more efficient cross border sales of goods and services. The application submitted by Monex will be reviewed by the end of summer, while the final decision will be announced in September. If approved, the Japanese giant will have to pay $10 million entrance fee to join the club.

Meanwhile, the financial and tech giants like Visa, MasterCard, Uber, are in no hurry confirm their partnership with Libra Association.

According to Visa CEO Alfred F. Kelly, the companies have signed non-binding letters of cooperation, while the final decision will depend on how Facebook manages to solve regulatory issues.

Monex is not new to cryptocurrencies, as the company purchased Japanese crypto exchange Coincheck that had experienced a severe security breach in January 2018.

Author

Tanya Abrosimova

Independent Analyst

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