Today, FarEasTone officially announced a strategic partnership with the cryptocurrency exchange MaiCoin at a press conference. At the event, MaiCoin’s founder and CEO, Liu Shih-wei, indicated that the goal for this year is to submit the new TIB version for review and predicted that the number of cryptocurrency users in Taiwan will have a high coverage rate similar to “telecom numbers.”
(Background summary: FarEasTone collaborates with MaiCoin for a New Year Bitcoin giveaway, with an additional 10,000 TWD equivalent in BTC for the first 100 registrants.)
(Additional context: The MaiCoin Group has completed a B+ round of fundraising! Investors include FarEasTone Telecommunications, the Federal Group, and Hande Venture Capital, among others, to accelerate the IPO.)
FarEasTone Telecommunications has officially announced a partnership with Taiwan’s top cryptocurrency trading platform, MaiCoin, aiming to integrate cryptocurrency investment into the public’s investment mindset. Last August, FarEasTone joined MaiCoin’s B+ round of financing, which attracted market attention.
Today, FarEasTone General Manager Jing Qi specifically mentioned that the company’s typical strategic investments “will not be that small,” noting that at the time of investment, the remaining balance of MaiCoin’s financing round was limited, resulting in a subscription of only “a few percent equity.” Depending on future plans from both parties, there is no exclusion of increasing investment. Jing Qi expressed optimism about the strong investment momentum in cryptocurrency among the younger demographic, pointing out that unlike Taiwan Mobile’s self-funded cryptocurrency exchange, FarEasTone adheres to a risk-averse principle and prefers to leave related business to professionals.
The domestic exchange landscape is expected to be characterized by “oligopolistic competition” in the future.
Liu Shih-wei, CEO of the MaiCoin Group, emphasized at the press conference that the current membership of MaiCoin is approximately 1 million, and when combined with users from other trading platforms, the total is estimated to exceed 2 million, representing a coverage rate of about 20% of Taiwan’s total population. He stated that if this number is compared to the coverage rates of telecom numbers and bank accounts, which exceed 100%, the coverage rate for cryptocurrency investment accounts “I believe is also close to 100%, if not higher.”
Liu Shih-wei predicted:
“Will the cryptocurrency exchange industry resemble banks in the future? Taiwan has 30 to 40 commercial banks. Or will it be more like telecom companies? Currently, there are three major players. Personally, I believe exchanges involve buyers and sellers matching up; this liquidity and network effect is very strong. So if I were to guess, will there be dozens of operators or fewer than five? I would lean towards the latter.”
Liu Shih-wei also expressed optimism about the rapid expansion of domestic regulatory frameworks in the past two years, with the Financial Supervisory Commission expected to submit a draft to the Executive Yuan in June of this year. The goal of the MaiCoin Group is also to seek approval for listing on the new innovation board this year.
FarEasTone explores the application of blockchain smart contracts.
General Manager Jing Qi values the demand and trends for cryptocurrency investment among the younger user demographic, aligning with FarEasTone’s mission of creating an ecosystem around food, clothing, housing, transportation, entertainment, and finance. Regarding practical innovations in blockchain technology, Jing Qi mentioned that smart contracts on the chain can be linked with current AI and automation. For example, many of FarEasTone’s downstream suppliers have adopted automated payment processes, and implementing smart contracts on the blockchain would eliminate the need for cumbersome processes, ensuring that each transaction is secure, reliable, and transparent.
Using mobile devices for identity verification is also seen by Jing Qi as a very suitable use case for blockchain technology.
