LINE Cryptocurrency Exchange - A Competitor For Coinbase

Laverne Mann
February 3, 2018

The cryptocurrency will be incorporated into the existing LINE in-app mobile payment service. The company has already filed an application for registering a new trading platform and is now awaiting approval from the Financial Services Agency (FSA).

Line said in a statement on Wednesday that it has applied to Japan's financial regulator to operate an exchange, with the application under review.

The company's business strategy with the new announcement appears to be one of domestic consolidation, rather than repeating its ill-fated previous attempts to expand in the USA and European markets.

Bloomberg reports that Line is also planning to expand its services into Hong Kong and Luxembourg and this would make the new cryptocurency exchange the one with the largest potential customer base.

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LINE Corporation is looking into setting up a new virtual currency exchange, to be integrated with the LINE messaging app as it seeks to become a leading company in the fast-approaching "cashless wallet-less society".

The news comes after the incident of the hack of a cryptocurrency in Japan, where the known virtual currency Coincheck lost over $400 million worth of NEM tokens.

This further underscores how Japan is one of the more welcoming jurisdictions for cryptocurrencies - as opposed to neighbours South Korea and China. The chat and messaging service is also wildly popular in Thailand where half the population uses it and Indonesia is a close third with 30 million users. The funding of the cryptocurrency will be given by Initial Coin Offering (ICO). After initially struggling to maintain investor enthusiasm, strong sales of advertising space on its messaging app have seen its stock gain nearly 60 percent from its IPO price.

Other reports by MaliBehiribAe

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