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.
More on Cryptocurrencies
Crypto Briefing: Facebook Allows Crypto Ads Once Again
In a reversal to a long-running trend, Facebook has become the first social media platform to roll back on a...
Why Cryptocurrencies and Tokens Are Securities
“We are the Investor’s Advocate” are the first words visible to visitors on the Securities and Exchange Commission (SEC) website. The...
The Dotcom Boom and Bust, a Preamble to Cryptos?
Lіfе аѕ one оnсе knеw it drаѕtісаllу сhаngеd іn thе mіd-90ѕ. Thе intеrnеt’ѕ popularity wаѕ оn thе rіѕе аnd mаnу...