Chat App LINE To Launch Its Own Cryptocurrency Exchange In Japan

Line creates financial subsidiary to create and provide cryptocurrency, insurance and loans services

According to the company announcement, the plans are to expand the features of the chat application to include exchange service for cryptocurrencies, as well as transfers and payments.

Despite a current downturn in the markets and the mass dissemination of FUD by mainstream media the interest in crypto remains strong. Russian rival messaging platform Telegram with 150 million users is also looking towards a record breaking ICO to launch its own cryptocurrency and Facebook are sniffing around blockchain solutions of their own. Line Financial has already filed for a license with Japan's Financial Services Agency (FSA) to trade crypto tokens.

Line said it will start trading cryptocurrencies through "Line Financial", a new company that will also provide loans and insurance via its Line messaging app. Line now provides money transfer and payment services to 40 million users through its app.

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The company announced on January the 31 that it has chose to provide a crypto exchange platform among other financial services. In addition, it will concentrate on research and development in the cryptocurrency underlying blockchain technology to apply it on its digital wallet system.

"The company will provide a variety of financial services, including a place to exchange and transact virtual currencies, loans, and insurance". It has claimed that Line Pay received a global annual transaction volume exceeding JPY 450 billion and reached 40 million registered users.

Line has over 200 million users with at least 25% of them in Japan alone. Although not being widely used in Europe and the United States, Line Pay is one of the most popular apps in Japan and other Asian countries.

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