Japan’s Messaging App Line Introduces Crypto Lending

Japanese messaging giant Line together with its crypto exchange operator called LVC is introducing a crypto lending service that will allow users to lend their exchange BITMAX with cryptocurrencies like Bitcoin and Ethereum.

Lenders will receive a rental fee on a regular basis from the beginning of the rental period. It was stated that by October 7 and 30, the company will run a promotion and allow users to earn 10% per annum of the fee.

Line was launched in 2011 as a program that allows people to perform instant messaging. This app is similar to China’s WeChat and South Korea’s Kakao. As of today, Line has approximately 80 million users.

In 2018, Line launched LVC, a cryptocurrency exchange that allows users to trade over 30 digital assets at a low trading cost. By 2019, Line Corp. received a license from FSA allowing them to launch BITMAX digital currency exchange.

With this, multiple cryptocurrencies can be traded including Bitcoin, Ethereum, Litecoin, XRP, and Bitcoin Cash. In August 2020, Line unveiled the Bitmax wallet, Line blockchain, and ledger creation. By October, they stated that LVC will be allowing the lending of cryptocurrency with five crypto assets.

If the customer wishes to refund the money, it is possible to do it in a single day and the longest term is seven days. The rapid growth of crypto lending services has become the talk of 2020 and its improvement can be seen dramatically.

‘Line will continue striving to provide blockchain services and technologies that can be integrated into users’ daily lives,’ the company said.

Line is seen to continue focusing on entering the decentralized finance (DeFi) and decentralized applications (DApps). Other projects by Line that are currently on the works are digital contract app Linksign, social networking service Afan, games such as ‘League of Kingdoms,’ and ‘Cryptodozer,’ a karaoke app called Somesing, and video streaming platform Theta.tv.