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Naver’s Line to launch cryptocurrency and financial business in Japan

Collected: 2018.01.31

Distributed: 2018.02.01

Source: Go Direct

[Photo provided by Naver Corp.]

Line Corp., mobile messenger app unit of South Korea’s leading online portal operator Naver Corp. will launch financial services based on crypto tokens in Japan and register as an online exchange operator not only in Tokyo, but also in Hong Kong and Luxembourg.

According to Naver on Wednesday, Line established Line Financial in Japan and filed for a license with Tokyo authorities to trade crypto tokens.

Line Financial aims to run an exchange for cryptocurrencies on the top messaging platform as well as offering traditional banking and insurance services.

Cryptocurrency trade in the United States and Japan remains active because the coins have gained legitimate status there. Beijing bans the trade while Seoul introduced various regulations including real-name transaction trade to clamp down on speculation.

The new company will concentrate on research and development in the cryptocurrency underlying blockchain technology to apply it on its digital wallet system.

Settlements via Line Pay exceeded 450 billion yen ($4.1 billion) last year.

By Seo Dong-cheol and Lee Ha-yeon

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