Japanese messaging application Line launches its own cryptocurrency exchange

Japanese messaging application Line launches its own cryptocurrency exchange

Messenger has 600 million registered users and 200 million active users.

Representatives from messenger confirmed that the financial services Agency (FSA) financial regulator of Japan have been sent an application for registration of the cryptocurrency exchange, which is currently under consideration.

Line is one of the most popular messengers in the country, according to some daily use about 70 million Japanese. In addition to Japan messenger is also popular in other countries: Indonesia, Thailand and Taiwan. The company said that the cryptocurrency exchange is integrated directly into the application.

Cryptocurrency exchange Line will operate not only in Japan but also in other countries. Bloomberg reports on the planned expansion in Hong Kong and Luxembourg. For comparison Coinbase – one of the most popular cryptocurrency exchanges in the world there are only 13 million users in 32 countries.

Currently, the FSA is reviewing about 30 applications for the registration of cryptocurrency exchanges. At the moment the FSA have issued permits for only 16 of the exchanger.

In addition to the cryptocurrency exchanger in the company also trigger Line Financial, a new company focused on the provision of financial services to users.

In the future, LINE will use this new company as the basis for providing a variety of financial services, including operations with virtual currencies, loans and insurance.

And recently the company has launched a payment service, Line Pay. In 2017 the service was used by 40 million registered users, and the volume has exceeded 450 billion Yen (4,1 billion USD).

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