Japan's largest messaging app Line is planning to launch a cryptocurrency alternate

Japan's largest messaging app Line is planning to launch a cryptocurrency alternate

Japan's largest messaging app Line is planning to launch a cryptocurrency alternate

In 2017, it introduced Line Pay, a mobile money transfer and payment service available on its main app.

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.

"The company will provide a variety of financial services, including a place to exchange and transact virtual currencies, loans, and insurance".

Japan is the first country to legalize cryptocurrencies and to regulate the activities of the cryptocurrency exchanges. The company will provide, to more than 200 million users, a new and unique experience related to cryptocurrencies and its interesting market.

The app, known for electronic stickers of a brown bear and his rabbit girlfriend, is ubiquitous in Japan, Line also has a strong presence in Taiwan, Thailand and Indonesia.

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The company is upping its efforts to compete with rivals Facebook which owns Messenger and WhatsApp and crypto is hot property at the moment.

Line, one of the most known messaging apps in the world, has chose to launch its own cryptocurrency exchange. Line Financial is an attempt by the parent company to further strengthen its position in the fintech sector.

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 U.S. and European markets. Japan is now one of the most crypto friendly nations in the region as others such as South Korea continue to clamp down.

Line could be the largest consumer-focused organization to get into crypto lately.

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