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Japan's LINE Launches Blockchain Unit In South Korea

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After its foray into cryptocurrencies a few months ago, Japanese messaging platform LINE Corp. has now launched a blockchain subsidiary in South Korea that will be a research vehicle for blockchain technology.

LINE Plus Corp., the South Korean mobile platform subsidiary of LINE Corp., has formed a blockchain subsidiary called 'Unblock' in South Korea.

This will be LINE's first entry into the promotion of blockchain technology after it announced plans to launch a cryptocurrency exchange on its popular mobile messaging app.

LINE said it has created a Blockchain Lab with a dedicated team for research and development related to fundamental blockchain technologies and services. The lab will be researching peer-to-peer network distribution systems and encryption technologies as it develops an independent blockchain platform.

The company intends to make an open, independent blockchain platform for its virtual currency brokerage and exchange, loans, and insurance.

In January, as a follow-up to its mobile money transfer and payment service LINE Pay, the company established a new company, LINE Financial Corp., to provide more revolutionary financial services such as a place to exchange and transact virtual currencies, loans, and insurance, all from the LINE messaging app.

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