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Japanese Chat App Line could soon Integrate Cryptocurrencies

Jan 12, 2018 Posted /  3636 Views

Japanese Chat App Line could soon Integrate Cryptocurrencies

From last few days, the Japanese media has been discussing that Line one of the most popular chat app in Japan with 168 million active monthly users has could soon amalgamate cryptocurrencies in its mobile payment service. According to the reports circulating in the media, the company is conversing with a large number of companies to integrate cryptocurrencies into Line Pay.

Line Could Soon Integrate Cryptocurrencies

Line is regarded as one of the most admired messaging apps in Japan was launched in 2014, and is operated by Line Corp. The integration of cryptocurrencies into its platform will give a huge boost to digital currencies adoption in the country.

As per the opinion of the people recognizable to the matter and familiar with company dealings, the Tokyo-based company is setting up deliberations with numerous companies on the utilization of cryptocurrencies for payment services including Line Pay. The company additionally mentions that their “broader goal is to create products that keep users within Line’s ecosystem and keep them coming back to the app, increasing stickiness.”

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Line Pay is a service, which has been added as for completing the user’s mobile payments and is integrated into the chat app itself. According to one website called Mobile World Live, it has signed deals with over 30 banks across Japan to facilitate in the immediate transactions using its platform. In May 2017, Line Pay accumulated 30 million users in Japan.

The statistics provided in the Japanese news media state that Line has a market capitalization of ¥1.2 trillion (~USD$10.75 billion). The Line app at present has about 168 million monthly active users in its major markets of Japan, Taiwan, Thailand, and Indonesia.

A possible association with Kakao’s Upbit

Line has not yet announced that it will associate with which companies and has been maintaining it is still in the discussion period. Nevertheless, as per the reports of Bloomberg, there is speculation that it will probably associate with South Korean bitcoin exchange Upbit. Conversely, an official for Line has refused to comment on the matter and a possible alliance with Upbit.

Upbit, a South Korean exchange is supported and managed by Kakao Corporation and is the operator of the country’s most popular chat app called Kakao Talk.

Since the time it was launched in October, Upbit has swiftly garnered market share in South Korea. In December last year, the platform asserted that its volumes have exceeded those of Bithumb, which was South Korea’s biggest exchange by volume before Upbit. There are at present over 120 coins listed on Upbit, which can be owed to a partnership with the US-based exchange, Bittrex.

Recently there has been an increasing trend that can be seen that many of chat apps around the world are beginning to take notice about cryptocurrencies. Previously this week, Facebook’s CEO Mark Zuckerberg said that cryptocurrencies and blockchain technology could probably be added to Facebook’s platform.

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Tags: Cryptocurrencies Chat App Japanese App Line Pay

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