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Japan’s LINE Starts Crypto Lending Service
The makers of Japan's popular messaging app LINE is launching a crypto lending service through its BITMAX exchange.
LVC, the crypto exchange operator and blockchain business unit of LINE, is launching a service that allows users to lend crypto assets like bitcoin and ethereum to its exchange BITMAX. In return, lenders will receive a rental fee, which is like the interest on a bank loan.
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- Between Oct. 7 and Oct. 30, the company will run a campaign that will let users earn up to 10% per annum of the fee from the lending service, according to a statement filed by LINE at the Tokyo Stock Exchange on Tuesday, CoinDesk Japan reported.
- LINE is a popular messaging app in Japan, with more than 80 million local users.
- LINE Corp, a Tokyo-based subsidiary of the South Korean internet search engine provider NAVER, launched its crypto exchange BITMAX last year after receiving a license from Japan’s financial watchdog, the FSA, opening up trading services to its messaging app users.
- The rental fee is incurred every day starting on the day after the rental.
- As reported by CoinDesk Japan, bitcoin (BTC), ethereum (ETH), XRP (XRP), litecoin (LTC) and bitcoin cash (BCH) are eligible for the lending service.
- In August, LINE launched a digital asset wallet and blockchain development platform.
Sandali Handagama
Sandali Handagama is CoinDesk's deputy managing editor for policy and regulations, EMEA. She is an alumna of Columbia University's graduate school of journalism and has contributed to a variety of publications including The Guardian, Bloomberg, The Nation and Popular Science. Sandali doesn't own any crypto and she tweets as @iamsandali
