Published: Sat, February 03, 2018
Industry | By Faith Ward

LINE Cryptocurrency Exchange - A Competitor For Coinbase

LINE Cryptocurrency Exchange - A Competitor For Coinbase

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".

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

Despite a current downturn in the markets and the mass dissemination of FUD by mainstream media the interest in crypto remains strong. The launch of the new company, Line Financial Corporation, is a follow-up to its Line Pay mobile money transfer and payment service, which was built on top of the messaging app. 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.

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LINE, the company behind the eponymous messaging app popular in Japan, Taiwan, Thailand, and Turkmenistan, has announced it is establishing a financial subsidiary which will run a cryptocurrency trading platform from the app, among other financial services. So the over 200 million users of the app have now something exciting to look forward to. In comparison crypto exchange Coinbase only has around 13 million registered accounts and trading brokerage Robinhood around 3 million.

Line, one of the most known messaging apps in the world, has made a decision to launch its own cryptocurrency exchange.

LINE has been expanding its ties with other financial institutions of late, with an agreement reached earlier this month with Folio, an online-based securities company, to lay the groundwork for the launch of an asset management service. The hack is considered to be the biggest in the history of cryptocurrencies.

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