Technology

Japan's Top Chat App Line to Launch Crypto Exchange

Japan's Top Chat App Line to Launch Crypto Exchange

Line moved into crypto-currency territory by creating a new company, Line Financial Corporation.

In a statement today the Tokyo based company announced that it has filed an application for a license to register a crypto exchange with Japan's financial regulator. After initially struggling to maintain investor enthusiasm, strong sales of advertising space on its messaging app have seen its stock gain nearly 60 percent from its IPO price.

In addition to cryptocurrency trading, Line is planning to provide a range of other financial services, including digital currency transactions, insurance, and loans.

The cryptocurrency trading services will be integrated into Line Pay, the company's own mobile payment app.

According to the announcement, a year ago Line Pay saw significant growth, with its global annual transaction volume exceeding JPY 450 billion ($4.1 billion) and its user base exceeding 40 million registered users. The company will provide, to more than 200 million users, a new and unique experience related to cryptocurrencies and its interesting market. The chat and messaging service is also wildly popular in Thailand where half the population uses it and Indonesia is a close third with 30 million users.

It has also drawn into focus Japan's approach to regulating cryptocurrency exchanges. Japan is now one of the most crypto friendly nations in the region as others such as South Korea continue to clamp down.

Line, one of the most known messaging apps in the world, has chose to launch its own cryptocurrency exchange. Earlier this month, Line opened a new subsidiary, Line Financial, that will operate these services and will help the company to expand its financial business.


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