Line is one of the Asian social app giants, and it intends to add a service that allows its users to trade cryptocurrencies. While their request is actually under review, its validation could be a major step for Asian crypto-users in general.
What is Line?
The Line app is mainly used to send each other short messages in which you could add stickers and so on. But the Line Company understood that the more an application is complete and provides various services, the more popular and useful it becomes. Thus, Line doesn’t solely restrict its services to a messaging app, and it also make possible for its users to send money to other Line users through specific stickers and a sub-service called Line Pay.
Based in Japan, the company is also popular among some of its neighbors, and more than a half billions people are using the app, with 200 million daily active users. As for the Line Pay service, it has been used by approximately 40 million users, with an amount of 4 billion USD in transactions. Line expects to see that volume booming with its implementation of new services that would make it possible for its users to access various new financial possibilities.
The future of Line Pay
The Line Company intends to launch an exchange platform on which people could trade loans, insurances but also virtual currencies. It has deposited a request to the FSA, the Financial Services Agency, and they expect a response soon. 11 exchanges has already been confirmed by the institution so far, and it’s a quite respectable number for an Asian country.
Such platform would make the Line service even more popular, particularly among cryptocurrencies users. This type of currency is actually becoming more and more famous in Japan. It might become the main reason for people to use Line, and it would also promote the use of cryptocurrencies.
Japan as a big ally for cryptocurrencies in Asia
Actually, a lot of traders and investors from South Korea and China decided to move to Japan, so they can keep on practicing their financial activity in this part of the globe.
An exchange platform linked to a messaging application could be an efficient way to democratize digital currencies, and it would obviously easier to access the service for those who already uses Line Pay. With the help of the related authorities in Japan, the cryptocurrencies are slowly rising in popularity among the local people.