Japanese Giant LINE Partners With South Korean ICON To Launch Cryptocurrency

Japanese Giant LINE, with more than 200 million users mostly from Japan and Thailand, has secured an official partnership with $1.6 billion South Korean blockchain project developer ICON. The messenger-chat app from Japan and ICON will form a platform called “Unchain” to build dApp services as well as expand the ecosystem of ICON popularly called the ”Ethereum of South Korea.”

ICON & LINE Collaboration To Provide Access To dApps

ICON’s parent company Naver is a big name in the digital communications technologies of Japan and currently it is focusing on blockchain-based technology. Through the collaboration, millions of users on LINE’s platform are expected to use the blockchain platform of ICON to access dApps. Even though the use of chat apps is quite common, blockchain-based communication apps such as the dApp platform are yet to be widely adopted by the masses. One such platform is Tron which as of now is a part of the Ethereum (ETH) network but will separate soon.

ICON team’s motto is “hyperconnect the world.” And its collaboration with the Japanese company is expected to take this principle to the next level by paving the way for a long-term partnership. Through this partnership LINE will have access to a new independent blockchain lab helping its team to develop and explore the potential of related technologies and their implementation into regular software.

LINE To Launch Cryptocurrency Exchange Platform In 2018

With most of the companies in the technical field planning their own cryptocurrencies, LINE too has decided to take the plunge albeit with a different approach. LINE CTO, Park Euivin said, “Even though Google is a giant company and has many technical strengths . . . LINE has over 200 million messenger users as well as abundant service application experience[s] which can give us a competitive edge in the blockchain industry.”

The company, popular for its instant messaging solution in Asia, is planning to introduce LINE Q, a cryptocurrency that will reward users on the basis of their participation on the platform. Although not many details regarding the virtual currency are known yet, the company has been planning its launch for quite some time.

Analysts have said that the market currency that is driven by the community’s interaction and knowledge can make a valuable addition to LINE. However, its success cannot be guaranteed.

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