New Virtual Currency Exchange by LINE Corporation in the Works

LINE Corporation, the company behind LINE messenger, is working towards a virtual currency exchange that will be integrated with their app.

LINE Corporation is looking into setting up a new virtual currency exchange, to be integrated with the LINE messaging app as it seeks to become a leading company in the fast-approaching “cashless wallet-less society”.

In an official press release, LINE Corporation, the company behind the LINE messaging app, announced the creation of a new company, LINE Financial Corporation (LINE Financial) as an extension of LINE Pay, a payment service already working on its messaging app.

With the crypto phenomenon really taking off, it seems like messaging apps are in a position to leverage the popularity since they already have strong, active user bases. LINE went on to cite its success last year as a factor behind the move:

“Last year, LINE Pay achieved major growth, with its global annual transaction volume exceeding JPY 450 billion and reaching 40 million registered users.

In the midst of this success, LINE has established this new company in order to create and provide an even more revolutionary financial service. Going forward, LINE will use this new company as a base as it proceeds with preparations to provide a variety of financial services, including a place to exchange and transact virtual currencies, loans, and insurance – all from the LINE app.”

The company also revealed that the registration process for the virtual currency exchange is already underway:

“With regard to the virtual currency related business, the application process for registration as a virtual currency exchanger has already been started with the Financial Services Agency, and it is currently under review.”

Earlier we also reported on how popular messaging app Telegram is working on its own blockchain network called TON and will be conducting an ICO in the coming months to raise funds for it.

While Telegram seems to be aiming for a comprehensive ecosystem with distributed services, LINE appears more focused on providing payment and financial services to users on its messaging app.