Taiwanese digital currency trading platform Maicoin has entered talks with social media giant Facebook regarding its possible membership in the Libra Association.
As local English language media outlet Taipei Times reported on Aug. 21, Maicoin is seeking to participate in the Switzerland-based Libra Association that works on the development of Facebook’s long-awaited stablecoin Libra.
Specifically, the company is looking to operate a node on the
blockchain-based network, which would validate and record transactions
on the shared ledger.
Participation in Libra development
Maicoin
CEO Alex Liu reportedly expressed confidence in the company’s chances
for participating in the development of Libra, stating that:
“When
we reached Facebook and discussed getting involved in the project,
Facebook told us that it is looking for partners around the world that
not only have high technical skills to protect the node, but also are
confident of building a local user base of more than 20 million people.”
Liu
also said that Maicoin will not have to get approval from local
regulators to become a member of the Libra Association. However, should
the company allow investors to trade Libra with New Taiwan dollars, it
would need official authorization.
On the way to win global markets
Although
Facebook has not yet released Libra, it is working on gaining a further
share in the Asian market through affiliated projects. Facebook-owned
messaging service WhatsApp is purportedly in preliminary talks with multiple digital payments firms and a state-owned bank to launch digital payment services in Indonesia.
Facebook also intends
to integrate its crypto wallet service, Calibra, into WhatsApp and all
of its platforms. Calibra would host Facebook’s planned stablecoin,
Libra. However, Calibra will not be available in India, or any countries with a ban on cryptocurrency.
Analytical firm Statista estimated
that there were 260 million Facebook users in India as of April this
year — far ahead of the tech giant’s second-largest market, the United States.
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