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. 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.