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Line Application to implement payments in its own cryptocurrency

It remains to be verified that it will use the blockchain, however it would be a lucrative move for the Japanese firm.

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As the Japan-based Line messenger app saw a significant drop in sales, it has decided to consider a move into the blockchain and cryptocurrency world according to a Bloomberg report.

The implementation of blockchain and cryptocurrency tokens on to the Line framework will be easy which will be sure to attract more clientele.

Bloomberg reported that Line is in discussions with a number of potential partners, including bitcoin exchange Upbit, over possible tie-ins around Line Pay and other products. The goal, the report claimed, is to make its products stickier with users.

It is a perfect fit for this brand as it has an online platform already in place offering mobile payment services – Line Pay. Its staple features is a virtual currency that is used in its social games and to buy content on its platform.

Over the past few years, Line has seen a decline and ran into some issues as it lost a lot of core customers from Japan, Thailand, Taiwan and Indonesia.

It remains to be verified that it will use the blockchain, however it would be a lucrative move for the Japanese firm.

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Ecommerce

E-commerce in ASEAN: Digital technology and players

The 50 most-funded e-commerce start-ups in ASEAN have raised $12.6 billion as of July 2019, with most of the funding raised in the last two years

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E-commerce has been the most dynamic segment of the Internet economy in ASEAN over the past three years. The value of e-commerce rose four-fold, from $5.5 billion in 2015 to more than $23 billion in 2018.

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Southeast Asia’s internet economy hits $100 billion

The two pacesetters in the region are Indonesia and Vietnam, which lead the pack with growth rates in excess of 40% a year.

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The internet economies in Malaysia, Thailand, Singapore and the Philippines are growing by between 20% and 30% annually, with no signs of slowing down, according to Google and Temasek multi-year research program. 

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Innovative Asian Blockchain Companies Who Are Taking Over

The acceptance and regulation of cryptocurrency in Asia may be polarised depending on location, but one thing is for sure. Companies spanning the whole of Asia value blockchain technology and are putting it to good use.

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Asia has always been at the forefront of technological innovation, and that is no different when it comes to blockchain technology. What was primarily developed to make peer-to-peer payments easier has now merged into new areas.

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