Japanese Messenger LINE Launches Cryptocurrency Exchange for 200 Million Users

The most popular japanese social networks application announced the launch of its own trading platform for cryptocurrency exchange operations and commercial use on January 31st. The messenger has 200 million active users per month.

In 2017 Japan introduced licensing for cryptocurrency exchange. Since then the government has approved more than twenty exchanges and they have become rather popular among different users and even involved several large corporations. The cryptocurrency exchange will advance the app`s functionality that already operates the mobile internet-service called LINE Pay, currently having around 40 million registered users.

In its official statement LINE said it was establishing a new company, LINE Financial Corporation, to serve as a base to “provide a variety of financial services, including a place to exchange and transact virtual currencies, loans, and insurance.”

The platform also aims to “promote research and development of technologies such as blockchain”, but it was not specifically mentioned how would it be carried out.  

Experts say that $ 530 million-hack of Coincheck happened last week had a negative impact on the public’s attitude towards the cryptocurrency market over the medium term, but such innovations provided by well-known and trustworthy brands can reduce this negative effect.

So far, Japan is trying to distance itself from the crypto-restriction policy of its neighbors China and South Korea.

Subscribe on The Coin Shark news in Telegram: https://t.me/thecoinshark

 

Leave a Reply

Your email address will not be published. Required fields are marked *