The Japanese Messenger Line Launches A Crypto-exchange

The Japanese Messenger Line Launches A Crypto-exchange

Representatives of Line stated that they submitted a request to the financial regulator - the Japan Financial Services Agency - to register a crypto-exchange. Documents are pending. The company will also launch various financial services that will be available directly from the messenger, including a platform for trading in digital currencies.

The initiative will be managed by a subsidiary of Line Financial.

The application for the implementation of the exchange of virtual currencies has already been submitted to the Financial Services Agency (FSA), and is currently under consideration.

- the press release said.

The Messenger Line already has a mobile payment service called Line Pay. The company reports that the annual global transaction volume reached 450 billion yen (about $4 billion) with 40 million users of the digital wallet. For comparison: about 13 million users use the American exchange Coinbase.

The Line is also known for its "talismans" - it's Bear Brown and Rabbit Koni. Their images can be found not only in the messenger itself but also on products in Line stores around the world.

As the activity of users is mitigated, the company is looking for new sources of revenue. Line states that it is looking for employees with experience in the field of detachment and finance, since "it hopes to become a leader in the fintech industry, as the world seeks non-cash settlements."

It should be noted that Japan has become one of the most friendly jurisdictions for cryptocurrency in Asia. In September 2017, the Japanese financial regulator granted licenses to 11 crypto-exchange exchanges. Trade in the bitcoin/yen pair takes the third place after the bitcoin/dollar and Bitcoin/euro pairs, accounting for 10% of the world trading volume.

Information Source: CNBC