Line app is planning to use the new subsidiary to research on the possibility of integrating cryptocurrency and blockchain into its messaging application. It may then launch a token economy on its mobile platform Line Plus. Telegram and Kakao are also working on integrating blockchain applications.
Japan-based social messaging platform Line announced Monday that it will launch a subsidiary called Unblock in South Korea. Since to research blockchain technology and its potential applications. This is in an attempt to possibly integrate blockchain and crypto application into its messaging platform.
The final plan is to launch a token economy on the firm’s mobile platform known as Line Plus.
Add value and connect markets
The company announced the Line Financial Corporation two months ago to act as a cryptocurrency trading, insurance, and loan platform. Adding crypto applications on its platform would allow the company to add value by combining multiple services on the platform according to the announcement.
Additionally, the platform will link crypto markets between South Korea, Japan, and the broader Southeast Asian market.
Telegram is also planning for a Telegram Open Network (TON), an entire blockchain ecosystem. The company already raised $1.7 billion in ICO. Another messaging platform planning for blockchain tech is Kakao.
The company denied that it will launch its cryptocurrency although there was news that it integrated Upbit trading platform in its messaging service. This would allow customers to chat and place orders via the platform.