Line, Japan’s largest instant messaging app, has stated that it was initiating a financial services version in order to allow users to trade and exchange virtual currencies.
Line has stated that this new venture would allow for various financial services such as exchange and transact digital currencies, insurance and loans.
According to sources, these transactions will be carried out within the messaging app which currently already involves a mobile payment sysem. Despite the small market presence in Europe and the US, Line is majorly popular in Japan and numerous other countries in Asia where Bitcoin and other cryptocurrencies alike are heavily traded.
Line are said to have already begun registered the new digital currency company with Japan’s Financial Services Agency. Proceeding this announcement, Line’s shares increased by 2.57%.
In total, Japan has 16 licensed cryptocurrency exchanges which are all awaiting approval. Moreover, Line has stated that it will invest into research and development into blockchain and also hire experts in related finance and technologies.