Japan’s Most Popular Chat App Launching Cryptocurrency Exchange

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The operator of Japan’s most popular chat app with approximately 168 million monthly users has announced its plans to launch a cryptocurrency exchange. Line Corporation has already begun the registration process as a crypto exchange with the country’s financial regulator. Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies Line Starting Crypto Business The operator of Japan’s most popular messaging app, Line Corporation, officially announced its plans on Wednesday to launch a cryptocurrency exchange. The company has established a subsidiary called Line Financial Corporation “as a follow-up to Line Pay” in order to “further reinforce its position in the financial business domain,” its announcement details, adding that: 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 Line Pay is the mobile money transfer and payment service linked to the Line chat app. Launched in 2014, it has signed deals with over 30 banks across Japan to allow instant transactions using its platform, as news.Bitcoin.com previously reported. In Wednesday’s announcement, the company claims that Line Pay’s registered users have reached 40 million and its global transaction volume last year exceeded 450 million yen (~US$4.14 million). However, the company has not confirmed whether its new cryptocurrency exchange will be integrated into Line Pay. Application to Operate a Crypto Exchange Since the Japanese Payment Services Act went into effect in…
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