Japan's Most Popular Messaging App Set to Roll Out Cryptocurrency Exchange

04.02.2018

Japan's biggest messaging app, called Line, announced on January 31st that it plans to launch its own in-app cryptocurrency exchange, providing a platform for trading cryptocurrencies to over 200 million monthly users. Tokyo-based Line Corp released an official statement which says that the chat app company has formally applied to Japanese regulators for the right to operate their own cryptocurrency exchange.

According to the official statement, Line plans to establish a new company called Line Financial Corporation, which aims to offer a “variety of financial services, including a place to exchange and transact virtual currencies, loans, and insurance.”

Line's cryptocurrency trading platform and other financial blockchain-based services will compliment Line Pay, their existing mobile payment system, which already boasts over 40 million registered users and an annual global transaction volume of over $4 billion.

Unlike neighboring China and South Korea, Japan has taken a progressive stance toward cryptocurrencies, implementing a licensing scheme for crypto exchanges in 2017. Over twenty companies have been approved for national licenses, including efforts from several major Japanese corporations.

However, Line's announcement comes after one of the largest cryptocurrency heists in the world shook Japan last week. Over $530 million in cryptocurrency was allegedly stolen by hackers from Japanese cryptocurrency exchange CoinCheck, damaging public perception of cryptocurrency trading and leading to a national investigation.

The success of Line's new cryptocurrency trading platform and blockchain-based financial services offering will rely in no small part on its ability to restore the public's trust.

Latest news

21.05.2018
Former OKEx CEO Chris Lee Joins Rival Crypto Exchange Huobi Chris Lee, the former chief executive of OKEx, the world’s largest cryptocurrency exchange by volume, has announced he is joining rival platform Huobi as its vice president of global business development just one week after stepping down.
21.05.2018
Japanese Exchange Coincheck Stops Trading Four Privacy-Focused Altcoins Japanese cryptocurrency exchange Coincheck has confirmed that they will stop the trading of four anonymity-centered altcoins in order to comply with the demands of regulators.
21.05.2018
ICORating to Speak at Tokenomics Conference in Tallinn ICORating Business Development Manager Zufar Gatiyatov will be an official speaker at Tokenomics, an emerging token conference set to take place at Tallinn Technological University in Tallinn on May 24 and 25.