Japanese messaging app Line has announced plans to launch a new company that will offer cryptocurrency services.
Called Line Financial Corporation, the new entity will serve as a platform to exchange and transact virtual currencies, along with loans and insurance.
The services will be available through the LINE Pay app, which reached 40 million registered users in the previous year.
In addition, the new company will also encourage research and development of technologies including blockchain.
The company added that is also looking to hire persons with expertise in these technologies and finance.
The firm has already applied to Japan’s Financial Services Agency to operate the new cryptocurrency exchange. The application is currently under review.
“In addition to its LINE Pay business, LINE will reinforce its position in the financial business domain through its businesses in LINE Financial Corporation and will continue closing the distance between people, their money, and services. LINE hopes to become a leader in the FinTech industry as the world moves increasingly towards a cashless wallet-less society,” the firm said in a statement.