Korean Blockchain Subsidiary To Be Launched By Line

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Line a Japan-based social messaging platform is launching a blockchain subsidiary mere months after it declared its Line Pay administration would offer cryptocurrencies, the company reported Monday.

Called Unblock, the subsidiary company will be situated in South Korea and will look into blockchain technology and its potential applications. This is a part of an effort to apply those applications into its messaging platform to “add new value through technological innovation by combining blockchain technology with various services in LINE,” as per a declaration on its site.

Further, digital news organization ZDNet revealed that the platform will be wanting to connect cryptocurrency markets between South Korea, Japan and a more extensive Southeast Asian market.

Line’s mobile platform subsidiary Line plus will be launching a “token economy,” as per the declaration.

The news comes a little more than two months after Line initially declared its Financial Corporation to go about as a cryptocurrency trading, insurance, and loan platform, as reported in the past. Line Financial Corp., which is situated in Japan, has likewise been entrusted with looking into blockchain technologies.

Line’s crypto services will be done using the Line Pay mobile app.

Line isn’t the only messaging company improving moves to comprehend blockchain and cryptocurrency and how those technologies may be incorporated into their services. Korean messaging platform Kakao launched a comparative subsidiary endeavor toward the beginning of March to develop new applications for the tech, in addition to it’s likewise debating whether to offer its own crypto token.

Most prominently maybe, be that as it may, is Telegram’s record-setting $1.7 billion ICO. The Russia-based messaging platform plans to launch a whole blockchain ecosystem called Telegram Open Network (TON), however, details on the project remain sparse.

Reference Line : https://www.coindesk.com/messaging-giant-line-to-launch-south-korean-blockchain-subsidiary/