A Bitcoin Exchange Launched By Social Network
A Japanese messaging app Line is going to provide its users the option for cryptocurrency transactions. It also goes to launch technologies based on blockchain.
According to a recent press release, Line Corp is going to become a fintech leader, as the world moves towards a cashless society. This move will give its estimated 168 million monthly users the ability to trade cryptocurrencies with their smartphones.
According to the company statement, it launched a new division called Line Financial Corporation and has applied for a license with Japan’s Financial Services Agency.
The company announced about this action after a cryptocurrency hack from Coincheck exchange, when $500 million worth of digital currency NEM was stolen.
Line already offers a payment service called Line Pay, which has 40 million users and global transactions that reached about $4 billion last year. In comparison, one of the world’s largest crypto exchanges Coinbase has about 13 million users.
Line offers a payment service Line Pay. Last year the total amount of its users reached 40 million, with $4 billion transactions annually. For example, the amount of users from Coinbase, which is the one of the world’s largest exchanges reaches 13 million.
This application competes with Facebook’s WhatsApp, which is a globally known brand.
