Tokyo-based financial services company Monex Group has applied to join Facebook’s Libra project, Reuters Japan reported on Friday.
The announcement was made at the company’s Q2 results meeting by its president Oki Matsumoto. If approved, the parent of Japanese crypto exchange Coincheck will join companies including Visa, Mastercard, Uber, and eBay.
Matsumoto is bullish on Facebooks’s cryptocurrency initiatives and believes that “there are various possibilities” with the upcoming digital currency, including “financial inclusion” and cross border product sales.
The social media giant will review the application by the end of summer, and the Japanese giant will finalize its decision to join the consortium after that.
Why Global Deflation Does Not Affect These CryptocurrenciesGo to article >>
To become a part of the Libra association, the Japanese company is likely to shell out up to $10 million to get the permission of managing nodes for the coin.
Yet to confirm partnerships
Though many tech giants’ names are floating as the partners of Facebook’s crypto project, Visa CEO Alfred F. Kelly, Jr., earlier this week, confirmed that there are 28 companies in line to become the partner of Facebook, however, none of them are official partners yet and only signed a non-binding letter of agreement so far.
Though private players are bullish on Facebook’s Libra, the project is facing regulatory hurdles all around the world. Recently, the crypto head of Facebook, David Marcus, faced questions from committees of both the Senate and the House over the data and privacy concerns of Facebook.
Now, the lawmakers in the United Kingdom are also considering to examine the privacy concerns of Libra.
Meanwhile, Finance Magnates, today, reported that the Japanese giant’s revenue dropped for the first quarter of its 2019-20 fiscal year by around 4.3 percent. The company reported a ¥13.2 billion ($121.5 million) total revenue for the quarter, compared to ¥13.8 billion for the same quarter last year.