LINE Cryptocurrency Exchange – A Competitor For Coinbase –
Line, one of the most known messaging apps in the world, has decided to launch its own cryptocurrency exchange. This company is considered to be the Asian WhatsApp because of the similarities between these two apps. Besides that, it offers a user-friendly interface and at the same time it provides news from all over the world.
Line’s Cryptocurrency Exchange
The company announced on January the 31st that it has decided to provide a crypto exchange platform among other financial services.
The statement released by the company reads as follows:
“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 – and will continue to grow its financial business.”
But this is not the whole story, the intention is to also invest, promote and research in blockchain technology. LINE is searching a way to be one of the most influential and important financial corporations in the FinTech industry. The company says that the world is moving towards a cashless wallet-less society and LINE wants to follow this path as a leading enterprise.
The last year, Japan has proven that it is open to Bitcoin and other cryptocurrencies. Several new exchanges were approved to operate in the country and its GDP has increased 0.3% due to the increase in cryptocurrencies. Enterprises and investors are able to work in the Asian country knowing that the government is not against cryptocurrencies.
But even when Japan is one of the most bitcoin-friendly countries on earth, companies like LINE are subjects to controls and regulations. LINE will have to be registered with the Financial Services Agency, be licensed and subject to annual audits.
“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 its currently under review,” reads the corporate announcement released.
Japan has helped companies to operate in a regulated and friendly framework. The company will provide, to more than 200 million users, a new and unique experience related to cryptocurrencies and its interesting market.
Following that, LINE is expected to hire personnel with experience and knowledge in Blockchain technology, cryptocurrencies, technology and finance. The brand will be renamed to perform these activities to LINE Financial Corporation.
The decision may be related to the increased competition that WhatsApp is creating and to the users that Telegram is capturing with its upcoming Initial Coin Offering.