Thursday, 22 October, 2020

Line launches its own wallet


 

The year 2020 has so far been a great year for the crypto world. Well, despite the pandemic that affects the entire planet due to the Coronavirus. The crypto market has been in constant expansion, driven by a new bullish rally in Bitcoin, as well as by the boom in decentralized finance (DeFi). Therefore, it is not surprising that large traditional companies want to enter the cryptoactive sector, which is why Line is launching its own wallet.

Learning from Bitcoin wallets in Decentralize

Traditional companies in the crypto world
Just a few years ago, it would have seemed crazy to suggest that traditional companies would have to integrate more and more with the Bitcoin Cycle crypto world. After all, until very recently, crypto currencies were seen only as a technological curiosity, when they were not accused as a scam, by the traditional business world.

However, changing economic conditions have led to an increase in the importance of crypto currencies. Both as advanced technological instruments, as is the case of coins such as Ethereum or XRP. As in their quality of world-class financial assets, in the style of Bitcoin. This has increased the interest of companies in the advantages that cryptoactives can offer them, such as their wallets or smart contracts.

Therefore, in recent years we have seen companies like Wells Fargo, JP Morgan or Banco Santander, start exploring the use of crypto currencies in financial transactions. While companies from other sectors are starting to integrate the Blockchain in their logistic chains. Being therefore the giant of the Japanese instant messaging, Line, only one of the big companies that have recognized the value of the crypto currencies.

IBW 2020: Mobile wallets for the handling of cryptoactives

The wallet of Line
Thus, Line announced this August 26th the launch of its own crypto-currency wallet, known as Bitmax. This wallet will allow the users of the platform to manage their cryptoactives in a simple way. At the same time it provides developers of Blockchain technology, tools for the creation and launch of their own tokens. And to the crypto users the use of decentralized applications (dApps).

Line’s interest in the crypto world would not be something new. Since April 2018 the Japanese company established its own laboratory for the development of Blockchain solutions. And since September of last year, it obtained a license from the Japanese regulatory authorities to offer its own crypto currency exchange service, known as Bitbox.

At the moment, Line’s new wallet is available in Japan, a country where the messaging application has the center of its business. And it will serve as a fundamental piece in the cryptomoney ecosystem that Line is building around the launch of its own token, LINK. A move with which the company hopes to increase the adoption of cryptoactives, as well as encourage the use of decentralized applications in the Asian market.

What do you think about Line’s wallet launch? Let us know your opinion in the comment box.