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Japanese chat giant LINE to set up cryptocurrency exchange

Japanese messaging app giant LINE has announced its plans to enter the cryptocurrency market.

LINE Corporation announced on Wednesday a new company, LINE Financial Corporation, in order to strengthen its position in the financial business domain.

Established on January 10, the new company follows the launch of LINE Pay – a mobile money transfer and payment service available on the LINE messaging app. LINE Financial would serve as a base for LINE to provide various financial services, including cryptocurrency exchange services.

“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,” LINE said in its official release.

LINE said it has already started the application process for registration as a virtual currency exchanger with the Financial Services Agency (FSA). It said that its application is currently under review.

In addition, LINE also revealed its plans to actively engage in the research and development of advanced technologies such as blockchain and provide convenient and safe financial services to users.

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May 23 12:00 UTC Released

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