Messaging Giant Line Gambles On The Cryptocurrency Business
Line, the messaging giant has announced that it will be joining other major companies that are in the cryptocurrency business . It is not clear whether the company wants to major into Bitcoin or any other major digital coin. But it is evident that the company is not turning back. The announcement was out on Thursday, a time when major mainstream companies are moving into the business.
Why Is The Messaging Giant Line Betting On The Cryptocurrency Business?
Line, a Japanese leading chat app currently serves over 168 million registered clients a month. The messaging giant plans to use these clients in its new quest for cryptocurrency business. According to available reports, the messaging company has already formed a subsidiary company. The new startup is what Line will use to deal directly with the cryptocurrency. The startup has been given the name Line Financial Corporation.
Providing Variety Of Financial Services Including Cryptocurrency
Speaking on Thursday, Line said that everything is ready for the new startup. The company is only finalizing on a few logistics before the launch, which will take place soon. “Going forward, Line will use this new company as a base. The company proceeds with preparations to provide a variety of financial services. The services include a place to exchange and transact virtual currencies. You will also access loans, and insurance—all from the Line app,” the company said. Interestingly, the messaging giant already runs Line Pay, which is a corresponding payment service. This payment service processed over $4.1 million (JPY450 million) last year alone.
Securing Partnerships With Over 30 Banks
Line Pay alone has been able to secure partnerships with over 30 local banks. There are also some financial institutions that currently work with Line Pay. Hitherto, it is not clear whether the new startup will be integrated with Line Pay. However, analysts believe that there is a possibility of integrating all the business to achieve a stronger network. For now, authorities in Japan require that cryptocurrencies must be vetted by the financial regulator. It is this body that will certify if the startup qualifies to operate as a cryptocurrency.
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When Will Messaging Giant Line Gamle On The Bitcoin Business?
Line said early last week that the vetting and registration process is underway. The messaging company ensured its clients that it would bring something new to the market. If the startup is finally approved, Line’s clients will easily access the Bitcoin and other digital currencies through the Line app.
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