Monex, the Japanese online brokerage that owns the crypto exchange Coincheck, has applied to join the Facebook Libra stablecoin project.
The Libra Association will make a final decision on Monex’s application by September 30, Reuters Japan reported. The application process involves Monex investing millions of dollars to back Mark Zuckerberg’s vanity project.
If approved, Monex will become the first Japanese partner in Libra, Facebook’s over-hyped “crypto” initiative.
Struggling Monex courts bitcoin to survive
As CCN reported, Monex announced in April that it could soon allow retail investors to buy bitcoin and other cryptocurrencies on its platform.
Monex was once the No. 1 online brokerage in Japan, but it has lost market share to rivals that have embraced crypto. Therefore, it’s no surprise that Monex now wants to hop on Facebook’s foray into crypto.
Interestingly, none of Libra’s 27 corporate partners has officially joined the consortium yet. Visa CEO Alfred Kelly made the surprise revelation during a July 23 earnings call.
“We have signed a nonbinding letter of intent to join Libra. We’re one of 27 companies that have expressed that interest. So, no one has yet officially joined.”
As it is, Libra is being assailed from all sides in the United States. Politicians and activists warn that the Facebook cryptocurrency would facilitate money-laundering and undermine the U.S. dollar.
Opposition to Libra has also spread across Europe, including the British Parliament. A top parliamentary official is accusing Facebook of “trying to turn itself into its own country…solely under the oversight of Mark Zuckerberg.”
Between election interference &