Line CorpJapan’s free messaging app LINE has received a cryptocurrency business license, allowing it to offer its crypto exchange services in Japan, according to media reports.

The name of the new platform will be announced at the appropriate timing, the company said. The licence, which was issued by Japan’s Financial Services Agency in the name of LVC Corp, was awarded on Sept. 6. LVC Corp oversees LINE’s digital asset and blockchain business units.

“The LINE Token Economy concept uses LINE’s internally developed blockchain network, LINK Chain (mainnet), to build a LINK Ecosystem that aims to flatten the relationship structure between users and service providers to promote co-creation and mutual growth,” the reports quoted company as saying.

The company has already launched new decentralized apps in the service categories of – product review, food review and location review using social media. It recently launched LINE CONOMI, which allows users to review eateries.

This comes after social media giant Facebook announced its entry into the crypto world. Its digital currency named Libra, which is slated to be launched in 2020 has faced intense pushback from lawmakers and regulators due to concerns around privacy and data security. Instant messaging service Telegram also has plans to launch a cryptocurrency with its new project Gram.

Founded in 2014, Japan-based LINE Pay Corporation, is the operator of the LINE Pay digital wallet and fintech service for the messaging app.

Recently,  Visa and LINE Pay Corporation partnered to facilitate open-loop payments. The two companies have come together to collaborate across multiple areas such as consumer payments, merchant services and fintech services.

 

Note – The story was updated with details provided by the company.

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by Krishna V Kurup
Senior Market Analyst at IBS Intelligence
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