Japanese Giant Monex Could Join The Crypto Project Libra

Japanese Giant Monex, the online financial brokerage company that owns the crypto exchange Coincheck, applied to join the Facebook crypto project journey with the Libra cryptocurrency as we are about to read in the latest cryptocurrency news below.

The Libra Association will make a final decision on the application of the Japanese giant by September 30 according to Reuters Japan. If it gets approved, Monex will become the first major Japanese partners that will work on the Libra crypto project. Monex announced in April that they could soon allow retail investors to purchase bitcoin and other cryptocurrencies on their platform. The company was named as the number one broker in Japan but later it lost its market share to rivals that embraced crypto. This is why it is not a surprise that Monex wants to join Facebook’s journey into crypto.

What is also very interesting is that none of the 27 partners of Libra have joined the consortium yet. The VISA CEO Alfred Kelly pointed out about this information during the 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 not being watched from all sides in the United States. The Activists and politicians warned many times that the Facebook cryptocurrency will facilitate money-laundering and will undermine the US dollar. This kind of opposition also spread across Europe including the British Parliament. For example, one top parliamentary official is now accusing Facebook of trying to turn itself into its own country only under the command of Mark Zuckerberg.

As noted previously in the altcoin news, four American consumer advocacy groups wrote a latter where they urged all of Libra’s partners to dump the Facebook project Libra:

 “Facebook is eager to present itself as just one voice of many in the Libra Association. No one is fooled by this subterfuge.”

The social media giant claims that it wants to launch Libra in order to democratize the financial services but the critics believe that the social media monopoly is trying to create a self-serving project that will enable it to operate as an unregulated nation-state. The Libra association received letters from many popular companies around the world including Mastercard, Visa and PayPal. Despite their support, there is still a huge concern that Libra will fail before it even launches.