The provider of a popular messaging app in Japan, Line Corporation, has announced the launch of a new company that will provide digital currency services.
The new company, dubbed Line Financial Corporation, will provide a platform to transact and exchange digital currencies, insurance and loans, a company release states.
In a move intended to build its position in the financial business sphere, the new company will also foster research and development of technologies like blockchain, it adds.
The cryptocurrency services will be made available via Line Pay app – the corporation's mobile money payment and transfer app. Last year, Line Pay saw overall volume of annual transaction rise to almost 450 billion Japanese yen ($4.1 billion), and registered users hit 40 million, the release claims.
The new entity is currently awaiting licensing by Japan's authorities, Line Corp said.
According to the release:
Japan has become one of the world's most cryptocurrency-friendly jurisdictions over the last year, with rules and licensing aimed to encourage the industry while still protecting consumers.
Line isn't the only app maker to plan a role for cryptocurrencies. In September, social media platform Kik launched its own cryptocurrency via an initial coin offering (ICO) that raised $98 million. At the time the firm said the move could fulfill long-held business goals.
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.