Line Plus, which is the mobile platform subsidiary of chat giant Line, is joining the blockchain craze with a brand new subsidiary, called Unblock, in South Korea.
The newly formed company will start by conducting blockchain education and market research, and eventually expand to Japan and Southeast Asia. Additionally, it may also launch a virtual currency of its own, and offer crypto exchange services at a later day.
The end goal is to “add new value through technological innovation by combining blockchain technology with various services in LINE,” according to an announcement on Line’s website.
Not the only messaging company looking at blockchain
Earlier this year, the rival chat giant Kakao formed its own blockchain subsidiary called Ground X in Japan; at that time, the company said it will launch a blockchain platform within the year.
Perhaps more notable example is Telegram, which has managed to raise a record-breaking $1.7 billion in its ICO. The Russia-based messaging platform aims to launch a blockchain ecosystem called Telegram Open Network (TON), though we’re still waiting for more concrete details on the idea.
It makes sense to “go crypto” in Japan and South Korea
Outside of the U.S., Japan and South Korea are two of the most popular markets for virtual currency and blockchain; and this is despite South Korea’s decision to introduce new regulations for virtual currencies. The government did say it won’t be banning new technologies and services in the country, and will rather support blockchain businesses going forward. Somewhat related to that, you may want to check out the article talking about Seoul’s plans to launch its own cryptocurrency. It could be a controversial yet promising endeavor.