Line Corp is said to be launching a cryptocurrency exchange. This news appeared shortly after Facebook revealed Libra, their digital currency.
Line will receive its cryptocurrency exchange license in the near future, precisely this June. Then the crypto currency exchange will operate several weeks after they get permission.
The exchange of the crypto will be called BitMax, and with its presence, 80 million Line users in Japan can buy and exchange crypto currencies such as Bitcoin and Line's crypto currency called Link.
What utilities do Line have? Do we have a reason to invest in it?
I still haven't seen the robustness of Line's ecosystem like Facebook. Can you tell me about its ecosystem?
Line is a popular messaging and calling app in Japan and East Asia. They are a highly profitable business and their entry into the crypto would increase the competition between enterprise owned crypto or the so called crypto ecosystems. Though they won't be as large as Libra but if they get relative success, they'll pave way for other companies to follow the suit.