Monex Group, a leading online brokerage firm in Japan, has applied to join the Libra Association. The company hopes to become a node for the Libra network.
The first company in Japan has announced its intention to join the Libra network. Monex Group has just filed to join despite the concerns brought forward by regulators. According to Monex President Oki Matsumoto, Libra has “considerably huge possibilities.”
The first review for Libra applications will be completed by the end of August, and a decision is expected by September’s end. Matsumoto admitted that his brokerage firm applied to join Libra practically immediately after it was announced on June 18. According to the President, its use-cases are apparent. “It can be used for cross-border sales of goods, donations to developing countries and remittances of funds by migrant workers to their home countries,” he told Nikkei Asian Review. Overall, he believes there is “no operator more trustworthy” than the Libra Association.
Matsumoto’s almost dogmatic belief in the Libra is strange considering the cryptocurrency has been embroiled in significant controversy ever since its launch. Recently, U.S. Treasury Secretary Steven Mnuchin told reporters that he was “not comfortable” with the Libra as it exists now and that “very serious concerns” persist. Part of the issue is Facebook itself, which has often been criticized for its poor privacy policies.
However, none of this seems to matter to Matsumoto. He is apparently willing to spend some $10M to join the Libra Association.
The Monex Group is no stranger to the cryptocurrency industry, either. In April 2018, the company purchased Coincheck. You may remember that exchange from a major story which broke at the start of that year where $500M was stolen from the exchange in January 2018. Monex Group has since reorganized the platform, but it is nonetheless a strange acquisition.
We can likely expect to hear more companies in Japan opting to join the Libra Association as the year goes on. The Monex Group is, as of now, the only such company to do so.
Do you believe the Libra will be able to successfully launch in 2020? Let us know your thoughts in the comments down below.