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.
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:
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.
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