Line Corp, the Japanese messaging giant, had launched a cryptocurrency exchange back in the summer of 2018, which boasted a total of 30 digital assets. Now, Line is going to introduce crypto lending services with a new range of decentralized apps (dApps) and five varying crypto assets. This Japanese messaging software company had developed the freeware application referred to as Line, which could be used for communicating instantly on a plethora of electronic devices. As per the statistics, there are approximately 80 million registered users who are leveraging this messaging application. Launched in 2011, the Line app is similar to WeChat introduced in China and Kakao, a South Korean rival.
Two years ago, Line Corp. had announced that they were launching a crypto exchange that had more than 30 trading pairs and would charge low trading fees. This past August, the Bitmax wallet was introduced by the Japanese firm, along with a distributed ledger development form and the Line blockchain. Dubbed ‘LVC’, the crypto exchange operator that belongs to Line, announced on the 6th of October that the company is now introducing crypto lending services with five cryptocurrency assets. In 2020, yield-bearing assets and crypto lending services have become all the rage and this industry is experiencing exponential growth.
Essentially, with the new lending services, customers will now be able to lend BTC, LTC, BCH, ETH, and XRP to the Bitmax subsidiary of the firm. According to a regional report that was published on Wednesday, a yield will be obtained by the Line lenders off of the assets that are borrowed and these will be received in the form of a rental fee. According to the announcement, the crypto lending services were initiated on October 7th, 2020. As far as the interest on the loans is concerned, it will be incurred on a daily basis and the lending requirements were disclosed by Line Corp. to the Tokyo Stock Exchange on Wednesday.
It is perfectly possible for the user to be able to return the funds within a single day, whereas the longest time period for now has been set for seven days. The local report highlighted that the LVC would be initiating a campaign from the 7th to the 30th of October for raising the annual loan rate to ten percent. Not only did Line make the announcement for its crypto lending services, but the company also revealed a variety of distributed apps on the same day, which are based on the Line blockchain. With the introduction of decentralized apps (dApps) and crypto lending services, it is quite obvious that Line wishes to join the ongoing decentralized finance (De-Fi) revolution.
Moreover, the platform also announced the inauguration of third-party services that would be available on the Line blockchain. These third-party services include a mobile RPG game, which is the Japanese take of ‘Knight Story’ and is known as Biscuitlabs. Line also discussed projects like Afan, a blockchain social media service, a digital contract service called Link sign, a coin pusher game known as ‘Cryptodozer’ and a video streaming platform called Theta.tv.