- The LINE network has unveiled a new crypto wallet
- The network has recorded remarkable growth
- Crypto adoption has risen in Japan since the coronavirus pandemic
Cryptocurrency News Today – the LINE network is reportedly the biggest social network in Japan. It has unveiled a digital currency wallet for customers and a Blockchain platform. This platform is set up to allow developers to create their tokens, run dApps (decentralized applications), and tokenize digital assets. According to the report, the crypto wallet is called BITMAX wallet.
The developers of the LINE network created the platform offering Blockchain services. The LINE network also noted that the Blockchain developers platform is designed to enable firms and organizations to integrate Blockchain technology easily into their platforms. Before using BITMAX, users must pass a verification process. They must follow the regulatory requirements provided via the LINE ID service.
The Significant Amount of Growth Experienced by the LINE Network
The LINE network which recently secured a license to operate as a cryptocurrency exchange has recently witnessed massive growth. This has been the case particularly in this period of the pandemic. In April 2018, the exchange also launched the LINE Blockchain Lab. It was created with the primary purpose of generating co-creative relationships between service providers and users under the “LINE Token Economy” concept. The LINE network began to offer trading services through the Bitbox exchange.
In September 2019, it received a crypto business license. Currently, the LINE network possesses more than 84 million users using its messaging application. It has set up plans to leverage its existing network to improve the expansion of its token economies. It also helped to accelerate the adoption of many dApps on its proprietary platform. Even though it is not currently available in the United States, the LINE network stands out among other messaging apps that are trying to create similar solutions considering the progress it has made so far.
Blockchain Adoption Has Increased in Japan
In a different report, recent research has revealed some important information about Blockchain technology and digital assets in Japan. The study found that since the coronavirus outbreak started there has been a huge rise in the adoption of digital assets and Blockchain-powered initiatives in Japan. The outbreak has similarly led many Asian countries to start exploring the possibility of adopting Blockchain technology or DLT (distributed ledger technology). The goal is to securely manage data. The survey also found that more firms are using Blockchain technology to securely manage data.
Finally, Ethereum based Decentralized ID smart contracts have been developed by Ontology. Ontology is a high-performance Blockchain network. It has also introduced a more “trusted,” Decentralized Identifier via a P2P communication network.