Japan's messaging app Line to launch its own cryptocurrency exchange

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

The new entity is now awaiting licensing by Japan's authorities, Line Corp said.

In addition to cryptocurrency trading, Line is planning to provide a range of other financial services, including digital currency transactions, insurance, and loans.

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

Line already allows users to make payments through its app, and is hoping to tap into its user base of roughly 200 million monthly active users worldwide with this latest move.




Line added that it had already applied for registration as a virtual currency exchanger with the regulator and its application "is now under review".

"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 now under review", reads the corporate announcement released.

The country's global share of the bitcoin market has jumped after clampdowns by authorities in China and South Korea, presenting the prospect of lucrative business for cryptocurrency exchanges. The chat and messaging service is also wildly popular in Thailand where half the population uses it and Indonesia is a close third with 30 million users.

With losses in the XEM crypto coin worth over US$500 million and little chance of recovery of the stolen money, the element of speculation is still very much part of the cryptocurrency "scene", as most currencies continue to struggle for credibility in wider financial circles. 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.

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