Line to launch blockchain subsidiary, targets South Korean market
In the wake of major messaging platforms like Kakao and Telegram planning their own blockchain ventures, Line is set to follow suit by launching Unblock, its blockchain subsidiary based in South Korea as per reports from ZDNet.
This would be their first foray into the blockchain space. Japan and South Korea command some of the largest volumes along with US and China. So their entry would only serve to spur the craze among the people there.
Line plans to provide blockchain research and undertake initiatives to educate the masses about cryptocurrency. It will also undertake market research initiatives. Gradually, it will create a crypto currency trading platform where it plans to promote South Korean crypto currencies into the Japanese market. It seeks to bridge the South Korean and Japanese markets eventually penetrating other areas of Southeast Asia.
Unblock may also issue its own crypto currency to supplement its exchange operations.
Line is the most popular messaging app in Japan. It also commands significant market share in countries like South Korea, Taiwan, Thailand etc. As per 2017 numbers, 217 million people use it every month. One of the key innovations made by them was the use of stickers that could be bought and sent by users as a visual supplement for daily messaging.
This is a major source of revenue for them along with ad revenue and has been replicated by other major social networks as well. The entry into the crypto currency market will provide a catalyst for growth for the messaging giant whose user base has been slowly dipping recently. It will also want to achieve a first mover advantage over its peers in the use of blockchain adoption as well.
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