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Japanese financial holding company Nomura has signed a final agreement with chat giant LINE and LVC Corporation, LINE’s subsidiary focused on its virtual currency and blockchain-related business, to form a financial business partnership focused on blockchain technology.
This follows the memorandum of understanding (MOU) signed by the companies earlier this year to discuss establishing a blockchain-based financial business alliance.
As part of the alliance, Nomura has completed its investment in LVC, according to a press release dated October 04. Going forward, the companies will work together to build a new financial service using blockchain technology.
“The three parties' decision to enter into the Agreement is based on their collective intent to leverage LINE’s large user base and the LINE app’s secure and convenient UI/UX, and the Nomura Group's wealth of financial business knowledge to collaborate in blockchain-based business opportunities,” the release said.
Last month, LINE, which has over 81 million monthly active users (MAU) in Japan, launched its new crypto trading platform BITMAX in Japan, after obtaining a cryptocurrency business license from the country’s Financial Services Agency (FSA).
In July 2018, LINE launched its first cryptocurrency exchange, BITBOX, which is based in Singapore. BITBOX, however, is not available in the United States and Japan. The company also announced LINK token and its first blockchain network, LINK Chain.
“Through the operation of the BITMAX cryptocurrency exchange, LVC is driving forward the LINE Token Economy concept founded upon blockchain technology that aims to foster a co-creative relationship between users and service providers,” LINE said.
“Finally, LINE and LINE Tech Plus Pte Ltd. (LVC's subsidiary) are partnering with many companies to help grow and develop the blockchain ecosystem.”
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