Japanese messaging giant LINE has announced that they are now in a mutual partnership with Nomura, one of the leading Japanese banks. Both parties have come to an agreement that focuses on blockchain technology. The agreement comes right after a memorandum of understanding (MOU) that was signed earlier this January, which required the parties to form a financial business alliance.
As per the terms of partnership, Nomura has already invested in LINE’s blockchain subsidiary LVC on October 4, 2019. In this long-term business venture, the three companies will work together to develop a new financial service that utilizes blockchain technology.
Nomura is a financial institution with a motto that states “We help to enrich society through our expertise in capital markets,” the organization aims to be a trusted partner for its existing and potential clients.
LINE is driving itself as a self-contained entity that opens a doorway for users to easily connect with other users, information, services, companies, and brands. Under its mission of “closing the distance”, LINE provides a plethora of high value-added services to its 81 million monthly active users in the Japanese province alone.
Their Subsidiary LVC, is driving forward the company’s Token Economy concept that was founded upon the blockchain technology that aims to foster a co-creative relationship between users and the service providers with the help of BITMAX, the recently launched cryptocurrency exchange from LINE.
The primary intention of this partnership lies in the fact that they plan to utilize LINE’s huge user base and their messaging app’s secure and seamless UI/UX alongside Nomura Group’s expertise in the financial sector to work on blockchain-based potential business opportunities.Earlier, THE DAILY CHAIN reported that the messaging giant’s virtual currency trading service was launched on September 17 for android devices. The Exchange went live showcasing five major cryptocurrencies namely Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), and Litecoin (LTC). All these digital assets will be available in the messaging app’s integrated digital wallet, and any user with a LINE account and proper KYC can access these services.