Today, FarEasTone Telecommunications officially announced a strategic partnership with the cryptocurrency exchange MaiCoin at a press conference. During the event, MaiCoin’s founder and CEO, Liu Shih-Wei, pointed out that the goal for this year is to submit the TIB innovation board for review and predicted that in the future, cryptocurrency users in Taiwan will achieve a high coverage rate similar to that of “telecom numbers.”
(Background: FarEasTone collaborates with MaiCoin for a New Year Bitcoin giveaway and a draw for an additional NT$10,000! The first 100 code applicants will also receive BTC equivalent to NT$15,000.)
(Additional background: MaiCoin Group has completed B+ round fundraising! Investors include FarEasTone Telecom, Federal Group, and Hande Venture Capital, among others, to accelerate the IPO process.)
FarEasTone has officially announced its alliance with Taiwan’s top cryptocurrency trading platform, MaiCoin, aiming to integrate cryptocurrency investment into public investment concepts. Last August, FarEasTone joined MaiCoin’s B+ funding round, attracting market attention.
Today, FarEasTone’s General Manager, Jing Qi, specifically mentioned that the company’s general investment strategy “will not be that small.” The company only subscribed for a “single-digit percentage of equity” due to the limited amount available in the MaiCoin funding round, and depending on future plans, there is no exclusion of increasing investment. Jing Qi expressed optimism regarding the strong investment momentum among the younger demographic in cryptocurrencies, and compared to Taiwan Mobile’s self-funded launch of a cryptocurrency exchange, he pointed out that FarEasTone adheres to a risk-averse principle, leaving related business to professionals.
The domestic exchange market is expected to be an “oligopoly competition” in the future.
Liu Shih-Wei, CEO of MaiCoin Group, emphasized during the press conference that the current number of MaiCoin members is approximately 1 million. Along with users from other trading platforms, the estimated total exceeds 2 million, yielding a coverage rate of about 20% of Taiwan’s total population. If this figure is compared to the coverage rates of telecom numbers and bank accounts, which exceed 100% in public demand, he believes that the coverage rate for cryptocurrency investment accounts is “probably also around 100%, or even higher.”
Liu Shih-Wei predicted:
“Will the cryptocurrency exchange industry in the future resemble that of banks? Taiwan has around 30 to 40 commercial banks. Or will it be more like telecom companies, where there are currently three major players? Personally, I believe exchanges involve a matching of buyers and sellers, and 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 also expressed optimism about the rapid expansion of regulatory frameworks in Taiwan over the next two years, noting that the Financial Supervisory Commission plans to submit a draft to the Executive Yuan this June. The goal of MaiCoin Group is also to apply for listing on the innovation board this year.
FarEasTone explores blockchain smart contract applications
FarEasTone’s General Manager, Jing Qi, places importance on the demand and trends for cryptocurrency investment among the younger user demographic, aligning with FarEasTone’s efforts to create a lifestyle ecosystem encompassing food, clothing, housing, transportation, entertainment, and financial management. In terms of practical innovations in blockchain technology, Jing mentioned that smart contracts on the blockchain can be linked to current AI and automation. For instance, many of FarEasTone’s downstream suppliers have adopted automated payment systems; if smart contracts are run on the blockchain, there is no need for cumbersome processes to be conducted layer by layer, and blockchain can ensure that each transaction is secure, reliable, and transparent.
Using mobile devices for identity verification is also seen by Jing Qi as a very suitable application of blockchain technology.
