Japanese Chat App Line Moves into Crypto

Japanese chat app Line announced the launch of its new company “Line Financial Company” on its website. The move will allow the Japanese firm to include cryptocurrencies in its portfolio, and to compete with services such as Facebook. 200 million people use the messaging app every month, while the payment service has 40 million users. Currently, the company is focused on Japan, Thailand, Indonesia and Taiwan. However, it hopes to increase its presence in other countries with this move. Its application for a cryptocurrency license is currently under review. A marketplace will be established through the company, where people will be able to trade cryptocurrencies as well as receiving loans and getting insured.