Blockchain

Popular chat application launches its Blockchain affiliate in South Korea

On April 2nd Line Plus, the mobile platform subsidiary of Japan’s most famous messaging app Line, launched its blockchain associate, Unblock, in South Korea.

Unblock is entrusted with incorporating Blockchain technologies into Line’s cross-showcase framework. Reports state that Line has more than 214 million active clients, with 30 million in Japan as currently utilizing its mobile payment service, Line Pay.

A ‘Line’ official stated that “The organization of Unblock signals, we are all set to invest in the idea of playing a leading role in the blockchain industry.”, He also highlighted that “token economy design” is something the firm is eager to chase.

Back in January, a cryptocurrency exchange, insurance, and loan platform were launched by Line Financial Corp. in Tokyo. An application for registration as a virtual currency exchange was filed by the subsidiary back in January with Japan’s Financial Services Agency (FSA).

Although Korean Internet search giant Naver is the owner of Line, it preferred to set its base in Tokyo in an attempt to fend off any potential rivalry from its Korean competitor, Kakao.

Kakao also revealed its plans to capitalize on blockchain tech earlier in the month of March. Their blockchain subsidiary aims to target the Japanese market, which has cleared the way for Line’s blockchain foray to target the South Korean market.

As a result of China’s regulatory clampdown last year, it has to lead the way for Japan and South Korea to becomes two of the leading players in the Asian cryptocurrency market.

As per reports Japan has been estimated to possess the second largest crypto user base in the world after the U. S of A, Also BTC payments have been recognized by the Asian county since March 2017.

Back in September Japan’s FSA started issuing licenses for crypto exchanges. As a result of the January’s $532 million worth hack on Japanese exchange Coincheck, stricter regulation and FSA inspections have been put in place which has been changing the entire cryptocurrency industry.

Given the launch of a Korean Subsidiary on March 30th by Beijing-born exchange giant Huobi, it has led to the South Korean crypto user base being the third largest user base worldwide. The Korean crypto hype was so widespread that it once resulted in altcoins trading 30{500c8cf8dace8cda8a572d0723319db30d7ae9c572e69fb9e7726ed8fdae7ee9} above other nations, however this so-called “Kimchi-Premium” has been taken down earlier in the current year. Uncertainty looms over The regulatory forecast, with a new taxation framework for the crypto space to be announced in June.

About the author

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Safdarali Rizvi

Safdarali Rizvi – The Tech Geek, possessing some extraordinary coding and web designing skills, he is the man behind the development of Bittflex. He never fails, right from solving web errors to updating content regularly. He is the backbone of this project always available to us 24 hours a day, 7 days a week. A true workaholic.

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