Japanese Messaging App LINE Opens its Own Cryptocurrency Exchange

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Asia provides the cryptocurrency world, important daily news. If South Korea it is not in the centre of the attention, it is China, Japan or Singapore. The Japanese messaging app, LINE, has released a statement in which they announce the creation of a cryptocurrency exchange.

LINE Launches Cryptocurrency Exchange

Line Corp will launch a new division called Line Financial Corporation in order to create a cryptocurrency exchange. The application will allow users from all over the world to have access to cryptocurrencies. At the moment, the company offers a service called LINE Pay that offers money transfers among users.

LINE

The statement released by the company reads as follows:

“In the midst of this success, LINE has established this new company in order to create and provide an even more revolutionary financial service. Going forward, LINE will use this new company as a base as it proceeds with preparations to provide a variety of financial services, including a place to exchange and transact virtual currencies, loans, and insurance – all from the LINE app – and will continue to grow its financial business.”

In this way, more than 200 million users will have access to the cryptocurrency market. It would allow individuals and investors to buy the most important cryptocurrencies in the market. At the moment, we do not know which will be the details of this launching.

It is important to remember that the cryptocurrency market has been increasing in size. More cryptocurrency traders, the bigger the market, the more decentralized and more possibilities to succeed.

With this new service, the company will push for wider adoption as more individuals will be in contact with the market. More applications and enterprises should move in the same direction.

LINE Works With Blockchain Technology

In the announcement, the company says that they are investing in blockchain technology. Furthermore, they are promoting blockchain technology and financial services.

“Further, in addition to the high-level of security that LINE has cultivated for use in its day-to-day messages, the company aims to actively promote research and development of technologies such as blockchain and provide a financial service that is convenient and safe to users. LINE is actively engaging in hiring persons who are experts in these technologies and in finance.”

The company is already negotiation with the Financial Services Agency in order to start the application process for registration as a virtual currency exchanger. The governmental agency did not give an answer at the moment, but the application is currently under review.

Telegram, another important messaging app among cryptocurrency enthusiasts, has launched its ICO. The company is expecting to be one of the largest ICOs ever released. LINE is thinking about moving towards cryptocurrencies as a way not to lose part of their users. The strategy to open a cryptocurrency exchange may be a good idea.

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