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Monex Group applied for Libra association membership

Libra scam on Facebook

One of Japan’s largest financial service providers and the owner of Coincheck cryptocurrency exchange, Monex Group has recently applied for membership in Facebook’s Libra Association.

It seems like the president of Monex Group, Oki Matsumoto is very positive about Libra’s performance in the near future once it launches. Such a relationship could have been sparked by big names included in the Libra association such as Paypal, Visa and MasterCard.

Anyway, Facebook will most likely not take later than August to review the application and decide if it should let Monex Group in on the Libra game.

Furthermore, it’s expected that Monex will have to dish out at least $10 million as an “investment” in the Libra repository to cement its position in the project.

For many market experts, Monex’s decision is quite surprising considering the controversy Libra has been embroiled in for the past couple of weeks. In addition to that controversy, even more questions were raised when the CEO of Visa said that the partnership with Facebook’s Libra is not final for any association members.

According to the CEO,there is no binding agreement between the companies, therefore there is still space to opt-out for many, ultimately removing the only argument Facebook has against centralization accusations.

Giorgi Mikhelidze

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

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