• NOW

News

  • NOW

Japan's Most Popular Chat App In Talks to Integrate Cryptocurrencies

Japan’s most popular chat app, with 168 million active monthly users, Line, could soon integrate cryptocurrencies. The company is reportedly in talks with a number of companies to integrate cryptocurrencies into its mobile payment service, Line Pay.

Also read: South Korea Urges 23 Countries, EU, and IMF to Collaborate on Curbing Crypto Trading

Line Could Soon Integrate Cryptocurrencies

Japan's Most Popular Chat App In Talks to Integrate CryptocurrenciesThe operator of Japan’s most popular messaging app, Line Corp, is reportedly working to integrate cryptocurrencies into its platform.

According to people familiar with the matter, the Tokyo-based company “is in discussions with multiple companies on using cryptocurrencies for payment services including Line Pay,” adding that:

The broader goal is to create products that keep users within Line’s ecosystem and keep them coming back to the app, increasing ‘stickiness.’

Line Pay is the mobile payments service used in the chat app. Launched in 2014, it has signed deals with over 30 banks across Japan to allow instant transactions using its platform, according to Mobile World Live. In May of last year, Line Pay reached 30 million users in Japan.

Japan's Most Popular Chat App Line Could Soon Integrate Cryptocurrencies

Line has a market value of ¥1.2 trillion (~USD$10.75 billion). The app currently has about 168 million monthly active users in its primary markets of Japan, Taiwan, Thailand, and Indonesia.

Speculation of a Collaboration with Kakao’s Upbit

Line has not named the companies it is in discussion with. However, there is “speculation that it was looking to tie up with South Korean bitcoin exchange Upbit,” according to a Bloomberg report. However, a representative for Line declined to comment on a potential alliance with Upbit.

Japan's Most Popular Chat App Line Could Soon Integrate CryptocurrenciesThe South Korean exchange is backed by Kakao Corporation, the operator of the country’s most popular chat app, Kakao Talk.

Since its launch in October, Upbit has rapidly gained market share in South Korea. In December of last year, the platform claimed that its volumes exceeded those of Bithumb, South Korea’s largest exchange by volume. There are currently over 120 coins listed on Upbit, thanks to a partnership with the US-based exchange, Bittrex.

Makers of chat apps around the world are starting to take notice. Earlier this week, Facebook’s CEO Mark Zuckerberg said that cryptocurrencies and blockchain technology could potentially be used on Facebook’s platform.

Do you think Line will soon integrate cryptocurrencies? Do you think Kakao’s Upbit is the right partner for Line? Let us know in the comments section below.


Images courtesy of Shutterstock, Line Corp, and Kakao Corp.


Need to calculate your bitcoin holdings? Check our tools section.

Tags in this story
altcoin, Bitcoin, Bitcoin exchange, chat app, Collaboration, Cryptocurrencies, Cryptocurrency, ether, Japan, japanese, Kakao, kakao talk, Line, Line Pay, messaging app, messenger app, N-Featured, partnership, Payments, South Korea, upbit
Related
Global Crypto War Is Heating up - Iran Next in Line With Its Own Gold-Backed Coin

Control of the U.S. dollar and the global financial system that depends on it gives the American government an incredibly… read more.

Spain Thwarts Bitcoin ATM Scam, Prompting Regulatory Debate Worldwide

Bitcoin ATMs are not currently governed by EU money laundering regulations, and arrests coordinated by Spanish police and Europol in… read more.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.