Naver’s LINE already has nearly 80 million users, while its payment service channel LINE Pay has 50 million users. The popularity of its platform will be leveraged to move into the crypto landscape, which has become increasingly competitive over the years.
According to a report by All Stocks, LVC Corporation — LINE’s blockchain-focused subsidiary — was recently granted a crypto trading license in Japan on September 6th, 2019, allowing it to legally enter the cryptosphere and capitalize on its existing users.
As major corporations like Facebook and Naver enter the crypto space, it is likely that virtual currencies will be more widely recognized and used among the general public. While Facebook’s announcement on the establishment of Libra caught the attention of regulators, politicians, and blockchain projects worldwide, it remains to be seen whether the project will survive regulatory scrutiny.
Meanwhile, Naver Corporation is already seeing positive feedback on its announcement, with the price of LINK reportedly rising 45% on that day.
According to the Korea Times, Naver is also seeking new partners to further expand its blockchain projects in its Asian market, where it has a strong presence.
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