Set to Launch Cryptocurrency Exchange
Where places like China are coming down on cryptocurrency and other exchanges, Japan is opening their doors wide. This is why we have seen a ride in the space more recently for those companies looking to do business with them – and rightfully so.
And, with this rise as expected there are also local companies who are looking to join the cryptocurrency space. One of the most recent additions to the list is a chat app called Line. This app geared to your smart phone has been popular in the mobile application space and now are looking to set up an exchange using cryptocurrency within the app itself.
What Makes This Interesting?
Deemed as a pretty interesting move – this app is predicted to do exceptionally well. Primarily because, Line is already seeing around 200 million active users every month – so with the existing payment service connected through the mobile app, named Line Pay with already an existing 40 million users, the numbers are already substantial.
What this means is that in 2017 the Line Pay saw transaction numbers somewhere in the neighborhood of $4 Billion. That could be described as one heck of a powerful way to leverage existing numbers (users), isn’t it?
So, with what is already existing this seems like a no brainer to incorporate a revenue stream involving cryptocurrency, doesn’t it? These numbers are soft – because something like Coinbase, deemed to be a contender in the active user world holds a totally of 13 million users.
Think About That For a Moment
And, there’s more. Line is also looking to open the exchange because the numbers with their app are starting to fall slightly. So, adding a new steam can help revamp those falling numbers and attract new eyeballs. What has been consistent though is that most of the active monthly users on Line have proven that they are likely to use whatever the platform has to offer. A unique sense of financial loyalty perhaps?
Final Thoughts on the Strength of Crypto in Japan
Despite some recent coin hacking happening – and with the loss of $500+ million in the exchange the enthusiasm still seems to exist in Japan when it comes to cryptocurrency. So, why not take advantage? To date all Coincheck has seen is a small warning about in future ensuring that safety measures are in place.
There are regulations that deter people from promoting and using cryptocurrency, however the government in Japan has since recognized Bitcoin as a legit payment method. Step in the right direction one might say.
Japanese analysts believe that the economy can be increased through crypto, so adopting it instead of fighting it is far more desirable. Maybe this is why they introduced their crypto-themed girl group called the Virtual Currency Girls.
What’s not to love about this move?