Line Enters Virtual Currency Business (News)
Tokyo, Jan. 31 (Jiji Press)—Japanese free messaging app provider Line Corp. said Wednesday that it has established a financial subsidiary for operations including virtual currency transactions, insurance, and loans, marking its entry in the cryptocurrency sector.
The Tokyo-based new unit, named Line Financial Corp., will offer people financial services that can be easily accessed via a smartphone app, including a tie-up with Line's wallet service.
Line has already applied for registration as a virtual currency converter to Japan's Financial Services Agency.
The company also plans to advance research on blockchain technology, which is vital for trading cryptocurrencies, based on security technology developed in the construction of Line's messaging app system.
Although it has not been decided when the new subsidiary will start providing financial services, including cryptocurrency trading, Line expects to operate Line Financial businesses in countries and regions with large numbers of Line users, such as Japan, Taiwan, and Thailand.
[Copyright The Jiji Press, Ltd.]