LINE Corporation, best known for its popular messaging app, is launching a blockchain platform allowing central banks to develop digital currencies, South Korean newspaper Chosun reported Monday.

  • A LINE representative reportedly said, "We want to provide CBDC platform technology to several central banks interested in CBDC."
  • The platform would be aimed at helping central banks develop customized digital currencies backed by blockchain technology's advantages of stability and scalability, the report said.
  • The LINE representative said that "major" Asian nations are already in discussions with the firm, though the names were not disclosed.
  • In a similar move, Mastercard recently released a platform allowing central banks to test how proposed central bank digital currencies (CBDCs) would work in real life.
  • As CoinDesk reported, LINE launched a general blockchain development platform in August, alongside a wallet for managing digital assets.
  • The platform was said to allow developers to issue digital tokens, tokenize assets and run decentralized applications (known as dapps).
  • LINE is a Japan-based subsidiary of South Korean firm Navel that already offers a licensed cryptocurrency exchange and crypto lending service.

Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC