Bitrabo Editorial
Taiwan Mobile Co., a licensed wireless service provider, is reportedly in preliminary discussions with Taiwanese cryptocurrency platforms about potential strategic alliances. Bloomberg reports that the telecom giant is considering investment in the thriving sector as it seeks to leverage the growing opportunities of the crypto space. While there have been no official decisions made, Taipei-based blockchain-enabled financial institution XREX Inc. has been identified as a potential partner. This move signals Taiwan Mobile’s interest in the decentralized internet infrastructure built around blockchain technology and could encourage other telcos to consider blockchain-enabled ventures.
XREX Inc. Seen as a Likely Candidate for Collaboration
XREX’s co-founder, Wayne Huang, said that larger institutions entering the Web3 sector would likely lead to more partnerships. He anticipates greater collaboration with telecom corporations to instill wider adoption. Huang highlighted the advantages, stating: “Such institutions own a sizable, already-KYCed user base, while XREX offers domain expertise in blockchain and cybersecurity.”
Web3: Decentralized Internet Infrastructure
Web3 refers to the vision of a decentralized internet infrastructure built around blockchain technology and cryptocurrency. Marvin Lo, a senior analyst at Bloomberg Intelligence, suggests that Taiwan Mobile is looking to follow the path of Japanese telcos by venturing into the fintech business. Such a move could strategically position Taiwan Mobile in the vanguard of digital financial innovation.
The US Securities and Exchange Commission continues to regulate the crypto market, but despite the crackdown, the global cryptocurrency market cap price has seen a 0.6% gain over the past 24 hours and a market value standing above $1.1 trillion.
Featured image from Unsplash, Chart from TradingView