Messaging app LINE Pay is collaborating with American payment company, Visa, on blockchain and digital payments. The news was first covered by news portal, CoinDesk today.
A press release that was sent to the news portal, by Line stated that the two firms’ strategic partnership will reportedly herald cooperation on a wide range of services, notably including the development of new fintech solutions powered by blockchain technology that support business-to-business and cross-border payments, as well as alternative currency transactions.
The firms announced that there were plans in place to roll out new merchant-focussed solutions and support for Line Pay services would be rolled out at Visa’s 54 million merchant locations.
This is a significant development coming after last year, when the messaging app announced that it was all set to launch its own cryptocurrency exchange, Bitbox. At the time, Line Chief Executive Officer (CEO) Takeshi Idezawa had said, “LINE has built its reputation on providing a great social experience for our users, and now we intend to bring that know-how to the world of digital tokens with our BITBOX exchange. With BITBOX, we intend to have an exchange that is easier to use, while also ensuring we provide extremely strong levels of security.”
After launching Bitbox, LINE launched its own token called Link. The company had announced that they were listing LINK on BitBox and said it could be traded with three major digital tokens, Bitcoin, Ethereum and Tether.
Idezawa had said, “We’re very pleased that users are now able to trade LINK on BITBOX, which is a major step forward in our plans for creating a token economy that rewards user participation. We think it is important to promote co-creation and mutual growth with LINK, while ensuring BITBOX continues to develop as a user-friendly platform that adds value to those who use it and contribute to our services.”
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