Coincheck-Owner Monex Group Moves to Join Facebook Libra

Monex Group, the Japanese financial services company that owns the Coincheck crypto exchange, has applied to join Facebook's Libra project.

According to a report from CoinDesk Japan, at the firm's Q2 results meeting today, Monex president Oki Matsumoto announced the plan to join the Libra stablecoin project alongside Facebook's other tentative partners such as Visa, Mastercard, Uber and eBay.

Companies are reportedly being asked to fork out up to $10 million for the privilege of being part of the consortium governing Libra. Earlier this week, Visa CEO Alfred F. Kelly, Jr. confirmed that, so far, the 28 members are not official partners yet, but have signed nonbinding letters of agreement.

Matsumoto said that the application will undergo a primary review at the end of the summer, and Monex will make a final decision on whether or not to join the Libra after that. He further pointed out that some major companies have got involved so far and that Libra has great potential.

According to Reuters Japan, he detailed that Libra offers "various possibilities," such as financial inclusion and international product sales, potentially bringing financial services such as loans to the unbanked.

Facebook Libra image via Shutterstock