Monex Group wants to join the Libra Association
Crypto

Monex Group wants to join the Libra Association

By Matteo Gatti - 26 Jul 2019

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Following the evaluations of the Winklevoss twins who recently revealed their intention to join the Libra Association, a consortium of founding members that will establish the fate of Libra, Monex Group is also moving in this direction.

Monex Group is a Japanese company based in Tokyo founded in 1999 that also owns the cryptocurrency exchange Coincheck.  During the meeting of the members, which met to evaluate the results of the Q2 of 2019, it seems that the president of Monex, Oki Matsumoto, has announced the willingness to join Zuckerberg’s project alongside Visa, MasterCard, Uber, eBay and the other 24 partners.

Matsumoto said that the application will be reviewed before the end of the summer and then Monex will make a final decision. He also pointed out that the companies already involved are very important and that Libra has, in his opinion, great potential.

Libra, are the partners in or not?

 

monex group libra

It is nothing new that the Libra Association is looking for new founding members: the goal is to reach 100 and for now, there are only 28. Every company that wants to join the association must pay at least $10 million.

Actually, as revealed by Visa CEO Alfred F. Kelly, the partners aren’t officially partners yet.

“We have signed a nonbinding letter of intent to join Libra. We’re one of — I think it’s 27 companies that have expressed that interest. So no one has yet officially joined. We’re in discussions and our ultimate decision to join will be determined by a number of factors, including obviously the ability of the association to satisfy all the requisite regulatory requirements”.

The relationship with regulators is fundamental, Mark Zuckerberg is well aware of it, and in fact, he stated that Libra will be dealing with regulators however long it takes“. Following the announcement of the Libra project, Zuckerberg has been continuously attacked because regulators know that Libra has the potential to undermine the stability of the financial system and revolutionise it.

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