LINE Corporation To Launch South Korean Blockchain Subsidiary
It Will Be Called Unblock
LINE which is a Japan-based social messaging application will launch a Blockchain subsidiary. This comes just a few months after they announced the line pay service which wants to offer cryptocurrencies. This announcement was made by the organization on Monday.
The subsidiary company will be called Unblock and will have the headquarters in South Korea. This will be involved in researching Blockchain technology and also the major potential applications. This move will form the major effort of integration of the applications to the messaging platform which is already there to make sure that new value is added in the basis of technology innovation by the combination of the Blockchain technology with the LINE services. This is according to the announcement made on the website.
ZDNet also made reports that the platform might connect cryptocurrency markets between Japan, South Korea and also the broader Southeast Asian Market.
Line Plus which is the organization’s Mobile platform subsidiary will be involved in the launch of “token economy,” in accordance with the announcement.
This news has just been announced about two months after the application provider was involved in the launch of the Line Financial Corporation – which is a new organization set up which will deal with cryptocurrency trading, loan platform and also insurance services. The Line financial Corporation will be based in Japan has also the major tasks of researching Blockchain technologies.
Therefore, Line cryptocurrency services will be offered to the public through the Line Pay Mobile application.
Currently, Line is not the only messaging application which has been concerned with the integration of the Blockchain technology in their application and also seeking to understand how it works. Kakao which is a messaging application in Korea launched a service like this in March for the development of applications. However, they denied the fact that they might offer cryptocurrencies.
The most notable and successful currently is telegram which has $1.7 billion ICO. The Russian based messaging organization messaging application has the major aim to launch the whole Blockchain ecosystem. This will be called Telegram Open Network (TON). However, the details are not yet clear about the venture.