LINE lines up cryptocurrency trading on its app

Line creates financial subsidiary to create and provide cryptocurrency, insurance and loans services

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. After initially struggling to maintain investor enthusiasm, strong sales of advertising space on its messaging app have seen its stock gain nearly 60 percent from its IPO price.

Japan is the first country to legalize cryptocurrencies and to regulate the activities of the cryptocurrency exchanges.

The company announced that they have filed an application to register a cryptocurrency exchange with Japan's financial regulator which will ultimately allow users of the app to trade cryptocurrencies on its platform. Last year, Line Pay saw overall volume of annual transaction rise to nearly 450 billion Japanese yen ($4,135,500,000), and registered users hit 40 million, the release claims. The new company is also preparing to provide insurance and traditional banking services, including loan, through Line Financial. The company will provide, to more than 200 million users, a new and unique experience related to cryptocurrencies and its interesting market.

Line has over 70 million users in Japan alone, but is also very popular in Indonesia, Thailand and Taiwan. In comparison crypto exchange Coinbase only has around 13 million registered accounts and trading brokerage Robinhood around 3 million. The hack is deemed to be the largest in the history of the crypto world.

The biggest chat app in Japan, LINE has made the announcement that it is introducing its own cryptocurrency.

The company announced on January the 31 that it has chose to provide a crypto exchange platform among other financial services.

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