Line Corporation, Japan’s popular messaging app, is set to release its own digital currency services.
Line Corporation’s new company named Line Financial Corporation will offer a platform to allow the easy transaction and exchange of virtual currencies, loans, and insurance.
Line Financial Corporation intends to create for itself a solid position in the financial business industry. It also aims to encourage research as well as the development of blockchain technologies.
The corporation is set to create a digital currency service in its mobile money and transfer payment app called Line Pay. The past year, Line Pay’s transaction volume rose to as much as 450 billion Japanese yen in a year (or approximately $4.1 billion). Plus, its registered users reached the 40 million mark according to the information released by the company.
The new corporation will be licensed by Japanese authorities. According to the company’s press release, “The application process for registration as a virtual currency exchanger has already been started with the Financial Services Agency [FSA], and it is currently under review.”
Japan is currently considered as one of the most cryptocurrency-friendly countries in the world. Its licensing and regulations are specifically targeted to make the cryptocurrency industry flourish while similarly protecting consumers.
Japan officially recognized Bitcoin as a legitimate payment method in March 2017. Less than a year later, the Financial Services Agency began issuing licenses to allow the operation of cryptocurrencies.
Besides Line, there are other cryptocurrency services in the market offered by an app. Kik, a social media platform, similarly launched on September its own cryptocurrency through an ICO (initial coin offering) which raised more than $90 million. The move was said to fulfill the company’s business goals.
Revolut, a mobile banking startup, similarly included support for digital currencies ethereum and litecoin within its app back in December 2017.