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LINE is Launching its own Cryptocurrency

The biggest chat app in Japan, LINE has made the announcement that it is introducing its own cryptocurrency. So the over 200 million users of the app have now something exciting to look forward to.

An official announcement has been made by the company that their cryptocurrency is in the approval stage. Once the Japnese controllers, approve it, it will be launched.

In terms of dealings in cryptocurrencies, Japan is one of the leading markets. Soon the country will have another digital currency to its name. The news comes after the incident of the hack of a cryptocurrency in Japan, where the known virtual currency Coincheck lost over $400 million worth of NEM tokens. The hack is considered to be the biggest in the history of cryptocurrencies.

Still, the importance of cryptocurrencies in Japan has not got down, hence proven by the announcement made by LINE.

As per an official statement by LINE “The company will provide a variety of financial services, including a place to exchange and transact virtual currencies, loans, and insurance. The platform aims to promote research and development of technologies such as blockchain.”

The cryptocurrency will be incorporated into the existing LINE in-app mobile payment service. As LINE has 40 million registered users, it might provide tough competition for the rest, less established companies introducing virtual currencies.

Previously Telegram also made the announcement of launching its own cryptocurrency. The funding of the cryptocurrency will be given by Initial Coin Offering (ICO). The name of the Telegram cryptocurrency will be ‘Gram’. The aim of this cryptocurrency will be to improve the inadequacies present in other cryptocurrencies especially Bitcoin. It is possible that Telegram’s cryptocurrency will consume less energy in comparison to its competitors.

Read more: Telegram is launching its own cryptocurrency

It is seen that many investors and companies are interested to invest in cryptocurrencies. It might pay off or it might not, but it is worth the risk.