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Japan's Messaging Giant Line Introduces Crypto Lending Services | Bitcoin News

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 t...

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