LINE establishes a Korea-based blockchain affiliate

Japanese chat giant through its mobile platform subsidiary LINE Plus established its blockchain affiliate Unblock in South Korea on April 2
03 April 2018   538

LINE Plus is running a blockchain affiliate in South korea as of April 2. Unblock will be responsible for developing an integration mechanism of blockchain technologies into LINE cross-market system. LINE is a chat giant in Japan with over 214 mln users.

The establishment of Unblock signals we are ready to invest in order to play a leading role in the blockchain industry. We are planning to recruit people with expertise in blockchain technologies, such as token economy design. We will speed up investment and strengthen research on the virtual currency market.

 

LINE Official

In January, LINE Financial Corp. was established to incorporate crypto exchange, insurance and loan platform into LINE portfolio of business departments. LINE is owned by a Korean Internet search giant Naver and was founded to fight off its competitor in Japan - another Korean chat giant Kakao.

The company [Unblock] will conduct blockchain education and market research and help South Korean virtual currencies expand to Japan and Southeast Asia. Unblock will also possibly issue its own virtual currency and act as an exchange at a later date.

 

LINE Plus Official

Japan and South Korea are two of the most popular markets for virtual currency and blockchain.

South Korea to Invest $1B in Blockchain Startups

Blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution, local authorities believe
19 February 2019   93

Until 2022, Seoul authorities are investing 1.2 trillion South Korean won ($ 1.07 billion) in fintech startups working with distributed ledger technology. This is reported by CoinDesk.

Funds will be allocated for the development of new technologies through the Seoul Innovation Growth Fund, created last year by local authorities. The foundation will support startups working on various solutions, including those that are in the early stages.

In the first half of this year, the Fund will allocate 13.25 billion won ($ 11.75 million) and 8.4 billion won ($ 7.45 million) in the second half of 2019. For the Korean authorities, the blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution.

The officials also noted that the average investment per start-up at an early stage of development in South Korea is almost seven times lower than, for example, in Silicon Valley.

Last fall, Seoul authorities submitted a five-year development plan for the blockchain industry.