Taipei-based cryptocurrency trading exchange Maicoin Ltd (現代財富科技) yesterday said it is in talks with Facebook Inc about participating in the latter’s plan to create a digital currency called Libra.
Maicoin wants to become a member of the Geneva, Switzerland-based Libra Association and operate a “node” on the blockchain-based network, which would validate and record transactions on the shared ledger, chief executive officer Alex Liu (劉世偉) told reporters on the sidelines of an event in Taipei.
The association, which debuted in June with 29 members, is tasked with overseeing the blockchain-based currency and maintain a real-world asset reserves to keep its value stable, Liu said.
It aims to eventually incorporate 100 members, with new members to be unveiled by the end of this year, he said.
Binance (幣安), the world’s largest cryptocurrency exchange by traded value, has reportedly considered becoming a node on the Libra network, but Taiwanese exchanges are more likely to take the lead in Chinese-speaking regions, Liu said.
Binance, founded in China in 2017, last year relocated its headquarters to Malta due to disapproval from Chinese regulators, while Facebook is still blocked in China, so Taiwanese firms have a better chance of being trusted by the US social media, he said.
While each member has to invest at least US$10 million into the operation of the Libra project, money would not be a key factor for the association when choosing members, Liu said.
“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 added.
Given that Taiwan has 12 million Facebook users, who embrace new services launched by the California-based company, Liu is confident that Taiwanese firms will meet the requirements, adding that Taiwan would be an ideal market for Libra.
Maicoin would not need approval from local regulators to become a member of the association, but if the exchange plans to allow investors to trade Libra with New Taiwan dollars, it would need regulatory approval, he said.
Libra is expected to be used in many operations, from payments and money transfer to cryptocurrencies trade, as association members include Mastercard Inc, Visa Inc and PayPal Holdings Inc, as well as other companies such as Lyft Inc and Uber Technologies Inc, Liu said.
It is too early for the Financial Supervisory Commission to give an opinion on Libra, but it would intervene if the digital currency is found to be similar to securities tokens, Securities and Futures Bureau Deputy Director-General Tsai Li-ling (蔡麗玲) said.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s biggest contract chipmaker, booked its first-ever profit from its Arizona subsidiary in the first half of this year, four years after operations began, a company financial statement showed. Wholly owned by TSMC, the Arizona unit contributed NT$4.52 billion (US$150.1 million) in net profit, compared with a loss of NT$4.34 billion a year earlier, the statement showed. The company attributed the turnaround to strong market demand and high factory utilization. The Arizona unit counts Apple Inc, Nvidia Corp and Advanced Micro Devices Inc among its major customers. The firm’s first fab in Arizona began high-volume production
VOTE OF CONFIDENCE: The Japanese company is adding Intel to an investment portfolio that includes artificial intelligence linchpins Nvidia Corp and TSMC Softbank Group Corp agreed to buy US$2 billion of Intel Corp stock, a surprise deal to shore up a struggling US name while boosting its own chip ambitions. The Japanese company, which is adding Intel to an investment portfolio that includes artificial intelligence (AI) linchpins Nvidia Corp and Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), is to pay US$23 a share — a small discount to Intel’s last close. Shares of the US chipmaker, which would issue new stock to Softbank, surged more than 5 percent in after-hours trading. Softbank’s stock fell as much as 5.4 percent on Tuesday in Tokyo, its
COLLABORATION: Softbank would supply manufacturing gear to the factory, and a joint venture would make AI data center equipment, Young Liu said Hon Hai Precision Industry Co (鴻海精密) would operate a US factory owned by Softbank Group Corp, setting up what is in the running to be the first manufacturing site in the Japanese company’s US$500 billion Stargate venture with OpenAI and Oracle Corp. Softbank is acquiring Hon Hai’s electric-vehicle plant in Ohio, but the Taiwanese company would continue to run the complex after turning it into an artificial intelligence (AI) server production plant, Hon Hai chairman Young Liu (劉揚偉) said yesterday. Softbank would supply manufacturing gear to the factory, and a joint venture between the two companies would make AI data
The Taiwan Automation Intelligence and Robot Show, which is to be held from Wednesday to Saturday at the Taipei Nangang Exhibition Center, would showcase the latest in artificial intelligence (AI)-driven robotics and automation technologies, the organizer said yesterday. The event would highlight applications in smart manufacturing, as well as information and communications technology, the Taiwan Automation Intelligence and Robotics Association said. More than 1,000 companies are to display innovations in semiconductors, electromechanics, industrial automation and intelligent manufacturing, it said in a news release. Visitors can explore automated guided vehicles, 3D machine vision systems and AI-powered applications at the show, along