The most popular chat application of Japan – Line, with 168 million active users a month, can soon integrate crypto-currency functions into its platform. It is reported that the company Line Corp is in talks with a number of companies on adding cryptocurrency to the mobile payment service Line Pay.
The broader goal of the company is to create products that will be stronger than “tie” users in the Line ecosystem and force them to return to using the application, increasing the “stickiness” of the platform.
Line Pay is a mobile payment service used in the chat application. Launched in 2014, this service, according to Mobile World Live, has partnered with more than 30 banks across Japan, allowing it to conduct instant transactions using its platform. In May last year, the number of users of Line Pay reached 30 million people in Japan.
The market value of Line is ¥ 1.2 trillion (about $ 10.75 billion). Currently, the application is actively used by residents of Japan, Taiwan, Thailand, and Indonesia.
Line does not name the companies with whom it is negotiating. Nevertheless, there is “the assumption that it hopes to enlist the support of the South Korean Bitcoin-Exchange Upbit,” Bloomberg said in a report. However, the representative of Line refused to comment on a possible alliance with Upbit.
South Korean Exchange Upbit is supported by Kakao Corporation, which is the operator of the most popular chat application in the country – Kakao Talk.
Since its launch in October last year, Upbit has quickly gained market share in South Korea. In December last year, the platform said that it outperformed Bithumb, the largest cryptocurrency platform in South Korea. Currently, thanks to a partnership with the American Bittrex Exchange, more than 120 tokens are traded on Upbit.