Some of Japan’s most prominent companies have not been swayed by crypto’s fall in value, and Japan’s backlash on the whole industry after the January hacking scandal, and are full on engaging in the crypto sphere.
Line, the online chat service, has shared that it will be launching its first digital currency in Bitbox, the firm’s crypto exchange. Also, Rakuten, a Japanese e-commerce company, stated that they will be acquiring a Japanese crypto exchange, everybody's bitcoin Inc., for $2.4 million.
The new cryptocurrency by Line will see light in September, giving users the opportunity to buy and trade LINK with other cryptos. The company’s personal cryptocurrency can also be earned as a reward for using the services provided by Line. LINK can also be used to pay for the companies app services. The CEO of Line, Takeshi Idezawa said: "We would like to continue developing as a user participation-based platform."
Rakuten, the major e-commerce company, and fintech service provider is also getting its hands into crypto, it’s credit card subsidiary Rakuten Card will be purchasing the Tokyo-based everybody's bitcoin Inc. The purchase is expected to commence on October 1.
WHY IS THIS IMPORTANT?
- Major Japanese firms are moving the crypto industry forward by investing in it, despite Japan's strict attitude to crypto.
- Despite the current market fall, faith in crypto withstands.