Japan’s Messaging Giant Line Introduces Crypto Lending Services

Back in the summer of 2018, the Japanese messaging giant, Line Corp., launched a cryptocurrency exchange with over 30 digital assets. Now Line is introducing crypto lending services with five different crypto assets and a new lineup of decentralized applications (dapps).

The Japanese messaging software company, Line Corp., is a firm that developed the freeware application called “Line” for instant communications on a myriad of electronic devices. According to statistics, Line has roughly 80 million registered users leveraging the messenger.

The Line app launched in 2011 is similar to China’s Wechat and the South Korean competitor Kakao. Two years ago, Line Corp. revealed it was launching a crypto exchange with 30+ trading pairs and “low trading fees.”

This past August, Line introduced the company’s Bitmax wallet, the Line blockchain, and distributed ledger development platform. Line’s crypto exchange operator dubbed “LVC” announced on October 6 that the firm will allow cryptocurrency lending with five different crypto assets.

Crypto lending services and yield-bearing assets have been all the rage in 2020, and the industry continues to see exponential growth.

Essentially the new lending service allows customers to lend BTC, BCH, LTC, XRP, and ETH to the firm’s Bitmax subsidiary. Line lenders will be able to obtain a yield off of the assets borrowed in the form of a rental fee, a regional report detailed on Wednesday.

A loose translation of the announcement notes that the crypto lending service will begin on Thursday, October 7, 2020. The interest on the loans will be incurred ever day and Line Corp. disclosed the lending requirements to the Tokyo Stock Exchange on Wednesday afternoon.

If the user wants to return the money within a single day it is possible, while the longest term seems to be set at seven days for now. “LVC will carry out a campaign from the 7th to the 30th of this month to raise the annual loan rate to 10%,” the local report noted.

In addition to the crypto lending announcement, Line also revealed a number of distributed apps based on the Line blockchain on the same day. With lending and a myriad of decentralized applications (dapps), Line seems extremely focused on joining the decentralized finance (defi) revolution.

The platforms announced represent an “inaugural list of third-party services that are/will be offered on Line blockchain.” Third-party services disclosed include a mobile RPG game developed by Biscuitlabs, which is the Japanese version of the tale “Knight Story.”

Line also mentioned projects like Linksign a digital contract service, a blockchain social media service called Afan, a blockchain-based MMO strategy game dubbed “League of Kingdoms,” “Cryptodozer” a coin pusher game, Somesing a social karaoke app, and Theta.tv a video streaming platform.

“Line will continue striving to provide blockchain services and technologies that can be integrated into users’ daily lives,” the company said on Wednesday.

What do you think about Line’s latest crypto lending announcement and new defi apps? Let us know what you think about this subject in the comments section below.

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