Tokyo-based messaging app giant Line is all set to enter the crypto market by launching its own cryptocurrency exchange. In an announcement on January 31, 2018, Line confirmed that it has filed an application to register and launch its own exchange. Furthermore, the application filed with the Financial Services Agency (FSA) is currently under review.
Line Messaging App
With over 600 million registered users so far, Line is one of the largest messaging apps worldwide. And with over 200 million active users, it is one of the leading social network sites globally. LINE’s inclusion in the crypto market is a major boost for cryptocurrency trading, especially in Japan. With over 70 million Japanese who use LINE messaging app, this can be a great platform for trading. The messaging app is also massively popular in other regional nations including Indonesia, Thailand and Taiwan. Furthermore, LINE also plans to extend its offering beyond Japan. According to Bloomberg, it has planned expansion to Hong Kong and cryptocurrency friendly Luxembourg. If LINE decides to launch its platform globally, then likes of Coinbase would pale in comparison.
New exchanges in Japan
With this, LINE joins a list of 30 new exchanges in Japan that has filed applications with FSA to launch their own exchange. So far, FSA has recognized and granted permits to 16 exchanges, with the rest awaiting clearance. Now we will have to see if LINE gets the permit to register and launch its own cryptocurrency exchange.
LINE’s initiative to offer cryptocurrency trading comes alongside the launch of a new company named LINE Financial. The LINE Financial will also provide insurance, loans and other financial services along with cryptocurrency. An excerpt from its official announcement reads:
“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 messenger has already launched LINE Pay, an already popular mobile money transfer service. In 2017, Line pay topped 40 million registered users globally. LINE Pay along with LINE Financial is going to be extremely beneficial for Finance and Market in Japan.