Line, one of the most important chat applications worldwide, is launching a blockchain affiliate in South Korea. Line Plus is the name of the subsidiary office that has been opened in South Korea. In this way, Line keeps expanding its business by implementing blockchain technology.
Line Expands its Business
Line Plus, launched a blockchain subsidiary known as Unblock in South Korea. The intention is to conduct a blockchain education campaign and a market research in order to expand to other countries in the region.
Additionally, the platform is thinking about issuing its own virtual currency and offer exchange services later this year. It is important to mention that Japan and South Korea are two of the most important markets for cryptocurrencies in the world.
Some months ago, we wrote that Line was ready to start a new cryptocurrency exchange for the clients of its chat platform. The company registered in Japan and started to work on it. At the moment, the company has registered as a virtual currency exchange with the Financial Services Agency (FSA) in Japan.
Line is a company that is own by a Korean brand known as Naver, a tech giant in South Korea. As cryptocurrencies had an important expansion in these two countries, Line is trying to increase its presence by expanding to the South Korean market.
At the same time, the rival chat giant known as Kakao, has also decided to form its blockchain subsidiary known as Ground X. Kakao has also the intention to launch a blockchain platform before 2019.
After the United States, Japan has the second largest cryptocurrency user base in the world. Since March 2017, the government has recognised BTC payments. In 2017, Japan’s GDP increased by 0.3% just because of the effect that cryptocurrencies had in the economy.
South Korea has been imposing strict regulations to the cryptocurrency market at the end of 2017. The government banned Initial Coin Offerings (ICOs) from operating in the country and has also created other restrictions to operate in the virtual currency market.