Japan's messaging app Line to launch cryptocurrency exchange

Line chat app

Messaging application Line has formed a new subsidiary company named Line Financial Corporation to create and provide a variety of financial services, including exchanging and transacting virtual currencies, and application of loans and insurance within its main app.

The information technology (IT) industry at home and overseas expects that Line will link the digital currency trading function with its various platforms like simple payment service Line Pay.

Now messaging apps are also catching the crypto fever.

LINE Corporation is looking into setting up a new virtual currency exchange, to be integrated with the LINE messaging app as it seeks to become a leading company in the fast-approaching "cashless wallet-less society".

Line, one of the most known messaging apps in the world, has made a decision to launch its own cryptocurrency exchange.

Japan's Financial Services Agency, which oversees registrations of new exchanges, said on Monday it would investigate all cryptocurrency exchanges in Japan for security gaps after the hack at the Coincheck exchange. The company claims the global transaction volume from the digital wallet reached $4 million previous year. The company will provide, to more than 200 million users, a new and unique experience related to cryptocurrencies and its interesting market. In comparison crypto exchange Coinbase only has around 13 million registered accounts and trading brokerage Robinhood around 3 million. Japan is now one of the most crypto friendly nations in the region as others such as South Korea continue to clamp down.

The company announced on January the 31 that it has chose to provide a crypto exchange platform among other financial services.



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