Line Corp., the popular messaging service based in Japan is planning to add digital currency exchange services to its list of services which will include Bitcoin and other cryptocurrencies. Line already offers a money transfer and payment service called Line Pay and the new service will be called Line Financial.
Line Financial will be used to provide financial services including a cryptocurrency exchange, loans and insurance from the Line app itself. The app already has a huge market cap in the money transfer sector. Line has been transferring more than 450 billion yen ($4.1 billion) annually, with more than 40 million registered users.
Charlie Rockwalt, a Financial Advisor from San Fransico, says,
“The recent technology changes that the blockchain has experienced is a good signal for the growth of the virtual currencies, unfortunately, the negative news related to them have been overpowering all these changes, Bitcoin and the pack has suffered”
Bitcoin is currently trading at under $10K with a slump of 10% in the past 24 hours and currently has a market cap worth $168 billion. Bitcoin is struggling to maintain itself at a decent value relative to the value it had back in December of 2017 because of regulatory actions from multiple countries, news related to the alleged subpoena of Bitfinex and the Coincheck hack in Japan.
Akira Yamamoto, a cryptocurrency investor from Osaka, says,
“Line’s new service will be popular in the financial world and I think like Japan, once the world understands the importance of cryptocurrencies to the GDP of the country, everyone will follow suit”
Crypto-currencies have found a place for themselves in the Japanese culture. Bitcoin has gained huge popularity in Japan. Yamada Denki was the other story which broke out last week.
Yamada Denki, one of the biggest consumer electronics chain of Japan is partnering with BitFlyer to conduct a trial run in two stores. The chain will be accepting Bitcoins as payments in two stores located in Tokyo for the trial period.
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