Naver Corporation, the company behind LINE, a major messaging application headquartered in South Korea, declared that it will start offering crypto trading services through its messaging app.
Naver’s LINE already has nearly 80 million users, while its payment service channel LINE Pay has 50 million users. The popularity of its platform will be leveraged to move into the crypto landscape, which has become progressively competitive over the years.
It has been reported that according to All Stocks, LVC Corporation — LINE’s blockchain-focused subsidiary — was freshly granted a crypto trading license in Japan on September 6, 2019, permitting it to legally enter the cryptosphere and capitalize on its existing users.
Though LINE reportedly has its own cryptocurrency, LINK, it will be offering services supporting multiple other virtual currencies like Litecoin (LTC), Ether (ETH), Ripple (XRP), and Bitcoin (BTC).
As major corporations like Facebook and Naver enter the crypto space, it is acceptable that virtual currencies will be more widely recognized and utilized among the general public. While Facebook’s announcement on the establishment of Libra grabbed the attention of regulators, politicians, and blockchain projects worldwide, it remains to be seen whether the project will be surviving regulatory scrutiny.
For the time being, Naver Corporation is already seeing positive feedback on its announcement, with the price of LINK reportedly rising 45% on that day.
So, according to the Korea Times, Naver is also looking for new partners to further expand its blockchain projects in its Asian market, where it has a strong presence.