LINE network the largest social network in Japan has unveiled a cryptocurrency wallet for its customers as well as a blockchain platform that enables developers their own tokens, tokenize digital assets and run decentralized applications (dApps).
According to the announcement, the cryptocurrency wallet would be known as BITMAX wallet. While the LINE Blockchain Developers would act as a developer platform offering blockchain services.
LINE network noted that the blockchain developers platform is aimed at enabling firms and organizations to easily integrate blockchain technology into their platforms.
To start using the BITMAX wallet, clients need to pass the verification process and regulatory requirements through the LINE ID service, LINE network disclosed.
Notably, the crypto wallet is a blockchain wallet for managing digital assets. Its services are currently only available in Japan, where LINE well-known. Although the platform noted it would extend offerings to other regions shortly.
LINE network which secured a license to operate a crypto exchange has witnessed massive growth to this current period. The exchange launched the LINE Blockchain Lab in April 2018. It was built with the main aim of generating co-creative relationships between users and service providers under the “LINE Token Economy” concept.
LINE network started offering trading services via its exchange Bitbox. It was approved for a crypto business license in September 2019.
Currently, LINE possesses over 84 million users in its messaging app and has hinted on plans to leverage on its existing network to enhance the development of its token economies and accelerate adoptions of many dApps built on its proprietary blockchain platform.
Although, not currently available in the US, the LINE network crypto project stands out amongst other messaging apps trying to create similar initiative due to its progress this far.
Increased blockchain adoption in Japan
In a related report, a recent survey conducted has revealed that since the outbreak of the COVID-19 pandemic there has been an increase in the adoption of digital currency and blockchain-related initiatives in Japan.
Similarly, the outbreak had led to many Asian countries exploring the adoption of blockchain or distributed ledger technology (DLT) in order to securely manage data.
The survey disclosed that more companies are using blockchain to securely manage their data. Ethereum (ETH) based Decentralized ID smart contracts are also being developed by the creators of high-performance blockchain, Ontology. They’ve also introduced a “trusted,” Decentralized Identifier based P2P communication network.