Coincheck Owner Monex Group Plans to Serve as One of Facebook Libra’s Partners

Japan’s established online brokerage, Monex Group Inc. has supposedly applied to onboard the Libra Project’s list of partners, with the anticipation of becoming the next to join the association, reports Coin Desk. Details regarding this ambition was initially announced by Monex Group’s President, Oki Matsumoto.

Becoming a member is no joke, as it turns out that each onboarding member is expected to invest up to $10 million. Even with this sum paid, said the position is not guaranteed. In particular, the CEO of multinational financial services corporation, Visa, Alfred F. Kelly, Jr. was referenced indicating that the 28 partners are not official partners but have since signed a non-binding contract.

With such a contract, partners supposedly are not legally required to carry out its terms. It is deemed an initial step in which involved parties are identified as being part of the negotiation process and that the signing of a binding contract is typically the next course of action.

According to Matsumoto, the application will be assessed by the end of summer, which allows the online brokerage enough time to finalize their decision regarding the potential involved in the Libra project.

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