The most popular messaging app in Japan just launched a new business that will deal with cryptocurrency trading, insurance, loans and other financial services. Chat application LINE just established LINE Financial Corporation, making it "the first major messaging service to apply for permission to open a cryptocurrency exchange" according to Fast Company. Other competing Asian apps WeChat in China and KakaoTalk in South Korea have also dabbled in banking and insurance products.
The further expansion into financial services follows LINE Pay in 2014, which created a mobile money transfer and payment platform within the chat app. This move to incorporate cryptocurrency is in an effort to bolster the messenger's standings in the realm of financial business.
Image credit goes to LINE.
Crypto-Integrating Chat Apps
LINE is Getting Into Cryptocurrency Trading and Financial Services
Trend Themes
1. Cryptocurrency Trading in Chat Apps - The integration of cryptocurrency trading within chat apps presents an opportunity for disruptive innovation in the financial industry.
2. Messaging App Financial Services - The offering of financial services such as insurance, loans, and banking through messaging apps opens up disruptive innovation possibilities.
3. Mobile Money Transfer in Chat Apps - The incorporation of mobile money transfer and payment platforms within chat apps presents potential disruptions in the financial sector.
Industry Implications
1. Cryptocurrency Exchanges - The emergence of chat apps integrating cryptocurrency trading calls for disruptive innovation within the cryptocurrency exchange industry.
2. Fintech - The expansion of messaging apps into financial services creates opportunities for disruptive innovation in the fintech industry.
3. Messaging Apps - The incorporation of financial services within messaging apps brings about disruptive innovation possibilities in the messaging app industry.