Line instant messenger will have its own cryptoexchange

The Japanese company Line Corporation, which is developing the Line messenger, plans to add the possibility of exchanging cryptocurrency for its users. The monthly volume of the messenger is about 200 million users. Line could become a serious competitor for the largest cryptobanks, primarily in the Asian market, since the messenger is most popular in Japan, Indonesia, Thailand, and Taiwan.

The application has already implemented a payment system, Line Pay, which is used by a 20% of users. The parent company will open a subsidiary structure called Line Financial, which will be involved in financial services, at the same time as it launches the exchange.

Line has already applied for the registration and launch of the cryptoexchange with the Financial Services Agency of Japan (FSA).

The main functionality of the application is free. Line monetizes its services through paid stickers, products for embedded games, and advertising. With access to the cryptomarket, the company will attract an additional source of financing and significantly increase the financial activity of its users.

In Japan, cryptocurrencies are completely legalized and Bitcoin has the status of an official means of payment. Therefore, it is one of the most favorable countries for doing business with cryptocurrency.

Despite the recent theft of $530 million from the Coincheck exchange, which became the largest in history, interest in cryptocurrencies and blockchain projects has continued to grow. Line is one of the products that is attracting the interest of businessmen and IT professionals to the Japanese market and ultimately will help to develop the Japanese economy.