The most popular chat app in Asia, with more than half a billion users and 200 million active users, has announced they are launching a “revolutionary financial service.”
Line, which pioneered a new stickers model users pay to send to others, said they are launching a new company to complement Line Pay.
Which, like Apple Pay and the rest, is a mobile money transfer and payment service available on the Line messaging app with 40 million active users handling around $4 billion in transaction volumes last year.
“In the midst of this success, Line has established this new company in order to create and provide an even more revolutionary financial service… including a place to exchange and transact digital currencies, loans, and insurance – all from the Line app,” the company says.
All from the Line app. While some might remember the early days when you had to send your money through carrier pigeon to some far away land and cross your fingers as well as pray to heavens you might by chance get crypto back, kids now can just tap and done.
Although this hasn’t yet launched. They have applied for approval by the Financial Services Agency (FSA), with the application currently under review. The service might then go live as soon as given the green light.
The FSA in question is that of Japan, which has been very friendly to this space, so approving 11 crypto exchanges, probably the highest level in the world. A green light for Line, therefore, seems likely.
That means crypto is spreading like fire in one of the biggest economy in Asia and the world. Just this Monday, their biggest electronic high street store made a little history of sorts in starting to accept bitcoin payments. A very first of its kind.
While in that typical Japanese fashion, they now have their own crypto-band, singing the anthem to the masses.
The island nation, a mirror of Britain in the other side of the world, has grabbed a perhaps once in a life-time opportunity its neighbors willingly gave.
China closed the doors, South Korea frets, Japan waves the crypto flag. I don’t see any problem, Hiromi Yamaoka, head of Bank of Japan’s (BOJ) payment and settlement system division, effectively said regarding the growing popularity of cryptocurrencies in the country.
And with that statement, in its context and in its timing, Japan has signaled they are open for business, which has seemingly begun to arrive.