Japan’s LINE Starts Crypto Lending Service

The makers of Japan's popular messaging app LINE is launching a crypto lending service through its BITMAX exchange.

Oct 7, 2020 at 1:30 a.m. UTC
Updated Sep 14, 2021 at 10:05 a.m. UTC

LVC, the crypto exchange operator and blockchain business unit of LINE, is launching a service that allows users to lend crypto assets like bitcoin and ethereum to its exchange BITMAX. In return, lenders will receive a rental fee, which is like the interest on a bank loan.

  • Between Oct. 7 and Oct. 30, the company will run a campaign that will let users earn up to 10% per annum of the fee from the lending service, according to a statement filed by LINE at the Tokyo Stock Exchange on Tuesday, CoinDesk Japan reported.
  • LINE is a popular messaging app in Japan, with more than 80 million local users. 
  • LINE Corp, a Tokyo-based subsidiary of the South Korean internet search engine provider NAVER, launched its crypto exchange BITMAX last year after receiving a license from Japan’s financial watchdog, the FSA, opening up trading services to its messaging app users.  
  • The rental fee is incurred every day starting on the day after the rental. 
  • As reported by CoinDesk Japan, bitcoin (BTC), ethereum (ETH), XRP (XRP), litecoin (LTC) and bitcoin cash (BCH) are eligible for the lending service. 
  • In August, LINE launched a digital asset wallet and blockchain development platform. 
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