Cryptocurrency exchange Crypto.com and Line Xenesis — the crypto asset and blockchain-related business developer of Japanese messenger app Line — have signed a memorandum of understanding to boost crypto innovation in Asia-Pacific and the global industry.
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Fast facts
- In a Wednesday announcement, Singapore-based Crypto.com said the collaboration will advance the exchange’s business solutions through Line’s network of some 200 million monthly active users.
- The collaboration will initially focus on enhancing Line Xenesis’ licensed crypto offerings in Japan, with plans to explore NFT integrations and crypto payment capabilities.
- “APAC and Japan are significant potential growth markets for crypto with high levels of interest and adoption already in place,” said Patrick Yoon, general manager of Crypto.com Korea.
- Japan, an early believer in blockchain and cryptocurrencies, has become increasingly supportive of emerging metaverse technology as a pillar of the country’s economic future. A government-affiliated white paper released in April detailed the country’s plans for adopting Web3 technologies.
- Crypto.com secured a digital token license in Singapore at the start of June. It received in-principle approval from the Monetary Authority of Singapore in June 2022.
- In April 2022, Line launched its NFT marketplace through its Osaka-based blockchain subsidiary LVC.