Taiwan Mobile to invest in local crypto platforms

Telecommunications firm Taiwan Mobile is reportedly said to begin collaborating with local cryptocurrency platforms

Mobile phone operator Taiwan Mobile is undergoing “early stage” talks with crypto firms regarding the formation of strategic partnerships with the possibility of investing in a virtual asset trading platform in the future.

The firm is currently “exploring the possibility of entering the fintech business similarly to what the Japanese telcos have been doing,” said Bloomberg Intelligence senior industry analyst, Marvin Lo.

One of the firms discussing the new initiative with Taiwan Mobile is the self-proclaimed blockchain-enabled financial institution, Taipei-based XREX. However, no solid decisions or deals have been made, with the possibility of nothing materializing at all.

XREX’s co-founder Wayne Huang declined to comment on whether his company will collaborate with the telecom firm, however, Taiwan Mobile stated it will still be “open to any potential opportunities.”

Moreover, Huang said he is looking forward to partnering with a telecom enterprise in the future to drive adoption and expects larger institutions to enter the Web3 sector amid a clearer regulatory framework, with know-your-customer (KYC) guidelines established.

“Synergies are high because such institutions own a sizable, already KYC user base, while XREX offers domain expertise in blockchain and cybersecurity,” he said.

Looking for your next crypto casino? Check out Mega Dice or FortuneJack!

Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.