Large Japanese Chat App. LINE ready to open its Crypto Exchange
Editorial Team

The major Japanese social messaging app LINE announced on January 3 the launching of its crypto exchange and in-app trading space for its 200 million active monthly users.

The application for the operation of the new cryptocurrency exchange is at the time in front of Japanese regulators desks, according to LINE’s official statement of January 31.

The statement said that LINE was establishing a new company, LINE Financial Corporation, to serve as a base to “provide a variety of financial services, including a place to exchange and transact virtual currencies, loans, and insurance.”

The in-app crypto exchange will complement LINE’s existing in-app mobile payment service, LINE Pay that to date has round 40 million registered users.

Furthermore, the platform aims to “promote research and development of technologies such as blockchain,” but it does not explain the formation of the actions.

The Coincheck’s $530 million heist last week may affect the image of cryptocurrency in the public eye for the medium term, according to experts. However, the fresh involvement of well-known brands like LINE in the industry could help alleviate that impact.

Japan is trying to keep itself in distant from more restrictive attitudes on cryptocurrencies taking by neighboring countries, such as China and South Korea.