The most popular messaging app in Japan just launched a new business that will deal with cryptocurrency trading, insurance, loans and other financial services. Chat application LINE just established LINE Financial Corporation, making it "the first major messaging service to apply for permission to open a cryptocurrency exchange" according to Fast Company. Other competing Asian apps WeChat in China and KakaoTalk in South Korea have also dabbled in banking and insurance products.
The further expansion into financial services follows LINE Pay in 2014, which created a mobile money transfer and payment platform within the chat app. This move to incorporate cryptocurrency is in an effort to bolster the messenger's standings in the realm of financial business.
Image credit goes to LINE.