Japan's Biggest Chat App Announces Plan for Cryptocurrency Services, Loans and Insurance

Todd Singleton
February 3, 2018

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. According to reports the application is now under review.

The new company, dubbed Line Financial Corporation, will provide a platform to transact and exchange digital currencies, insurance and loans, a company release states.

The information technology (IT) industry at home and overseas expects that Line will link the digital currency trading function with its various platforms like simple payment service Line Pay. The company claims the global transaction volume from the digital wallet reached $4 million past year. So the over 200 million users of the app have now something exciting to look forward to.

The Tokyo and USA -listed firm already offers a money transfer and payment service called Line Pay, but on Wednesday announced it would launch a new division called the Line Financial Corporation to let users exchange digital currencies and use other financial services within the app.

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Known as Application-Specific Integrated Circuit ( ASIC) chips , these are specialised modules used in cryptocurrency mining rigs. For the full year, net profit was also a record at 42.19 trillion won, up 85.6 percent on 2016, on sales of 239.58 trillion won.

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It has also drawn into focus Japan's approach to regulating cryptocurrency exchanges. Thailand is also open to ICOs and crypto trading despite the presence of a ruling military junta. So far, LINE Pay has 40 million registered users, and it might become a tough competitor for other crypto exchanges due to its strong user base and trusted name.

Cryptocurrencies may be down today but the markets are heating up.

LINE has been expanding its ties with other financial institutions of late, with an agreement reached earlier this month with Folio, an online-based securities company, to lay the groundwork for the launch of an asset management service.

Other reports by Free-Prsite

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