The messaging app known as Line, which currently has around 200 million monthly users, could possibly be embracing the cryptocurrency world in the near future. The move comes at a time when the company hopes to overcome some of the competition they have in place from other chat apps. The company, which is based in Japan announced “the creation of a new financial services division which will spearhead a move into cryptocurrencies and other services including loans and insurance. Line already operates a payment service — which claims 40 million users $4 billion in annual GMV — but now it plans to do much more.”
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The company further stated that “it will operate a marketplace inside its app where people can trade crypto and get loans or insurance. It said, too, that it will look into how it can use blockchain technology within its services.” The hopes are that the company will be able to get into the loans and insurance industry using cryptocurrency based technology as the backbone for the tech. The company has been working to revitalize a large portion of their business so that they can ensure they have a place in the future of technology.
After the company had its IPO back in 2016, raising over $1 billion in capital, the company had to work on targeting the global market for their chat app instead of just the local industry. Many of the plans that the company had wanted to make happen, did not end up coming to fruition such as an in app gaming experience and more. As we enter the rest of the year of 2018, only time will tell whether or not cryptocurrency can become the future for many of the businesses looking to revitalize their company.