Japan’s leading online brokerage applies to join Facebook’s Libra Association

At the FYE March 2020 Q1 results briefing held on July 26, Oki Matsumoto, CEO of Monex Group, Japan’s leading online brokerage, which owns Coincheck, Japan’s largest cryptocurrency exchange, announced that it had applied to join the Libra Association, an association set up for the cryptocurrency Libra, to be issued by Facebook.

Monex Group has become the first Japanese company to do so. Strict conditions are set to join the Libra Association, including a market size of USD1 billion (approximately JPY110 billion) or more or a customer cash flow of USD500 million (approximately JPY55 billion) or more. A decision on the feasibility of joining the Libra Association is expected to be made by the end of September following the initial review, which will be completed by the end of August.

In Monex Group’s financial results, the Crypto Asset Segment entered the black in line with the surge of Bitcoin.

The Company announced: “Cost reductions are being promoted while strengthening internal controls and cyber security. Coincheck has become profitable for the first time since joining our group, driven by rapid account growth, the offering of a new cryptocurrency, and favorable market activity throughout the quarter. Segment profit is JPY0.14 billion (approximately USD1.29 million).” It also reported that there have been some positive developments.

Monex’s subsidiary Coincheck fully resumed services in FYE March 2020 Q1 (April-June), after they had been suspended due to a massive theft of cryptocurrencies last year. In addition, the price of Monacoin increased temporarily after the listing of Monacoin, Japan’s homegrown cryptocurrency, in June this year.

 

*This article was written by Fisco