Japan’s biggest Chat App LINE launched its own Cryptocurrency Exchange.
Chat App LINE is the biggest social networks in Asia, you can use on your smartphones, tablet computers, and personal computers. The App users can exchange texts, images, video and audio, and conduct free VoIP conversations and video conferences with the Chat App Line. The app has 200 million monthly users.
Recently the Line has launched the new feature of its own Cryptocurrency Exchange and in-app trading space for its over 200 million monthly users. The company also said in a statement the crypto exchange is currently in the process of being approved by Japanese regulators. Line Corp said, the company currenty awaiting licensing by Japan’s authorities.
According to the company official statement,
The company will provide a variety of financial services, including a place to exchange and transact virtual currencies, loans, and insurance. The platform aims to promote research and development of technologies such as blockchain. The application process for registration as a virtual currency exchanger has already been started with the Financial Services Agency [FSA], and it is currently under review.
Chat App LINE announces plan for Cryptocurrency Exchange
The upcoming feature of Cryptocurrency exchanges in Chat App Line, it will gave tough competior for the other crypto exchangers because the company has 40 million registered users. Japan also has 16 licensed cryptocurrency exchanges and 16 also waiting for the approval from Japan
A Japanese bitcoin entrepreneur and commentator, Koji Higashi said,
Cryptocurrency exchanges are making fat profits right now, Mainstream companies such as Line are now trying to take advantage of this growing market.
With this feature, The Chat App Line struggled to attract new users. Line is not the only app that plans to launch its own Cryptocurrency exchange, KIK also launch the Crypto Exchange in September. Last week, the hackers stole $530 million of Cryptocurrencies from Tokyo-Japan exchange Coincheck.