Japanese messaging app Line is expected to announce plans of its own blockchain and cryptocurrency. Line already offers a mobile online payment service called Line Pay which is used for in-app purchases.
The company is reportedly in discussions with South Korean bitcoin exchange Upbit about ways to integrate a cryptocurrency with Line Pay.
In Japan, Line’s share price increased by 10% following the news, although how the messaging app would utilise a blockchain remains an open question.
It is also uncertain whether Line would have an ICO or would release currency as a reward to users playing their games and utilising their interface.
Why This Matters
Ever since dual-listing in the summer of 2016, Line has experienced a decline in use, falling from 218m to 203m users by October 2017. As such, a move to introduce a cryptocurrency might be a means by which Line can diversify its product and service base and increase ‘stickiness’ – i.e. making web users stay longer on the site.
With other messaging platforms, like Telegram, already in the process of developing their own cryptocurrencies, this could be interpreted as a new strategy for messaging apps to maintain a high level of users.
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