Japan’s LINE Starts Crypto Lending Service
LVC, the crypto exchange operator and blockchain business unit of LINE, is launching a service that allows users to lend crypto assets like bitcoin and ethereum to its exchange BITMAX. In return lenders will receive a rental fee, which is like the interest on a bank loan.
- Between Oct. 7- Oct. 30, the company will run a campaign that will let users earn up to 10% per annum of the fee from the lending service, according to a statement filed by LINE at the Tokyo Stock Exchange on Tuesday, CoinDesk Japan reported.
- LINE is a popular messaging app in Japan, with more than 80 million local users.
- LINE Corp, a Tokyo-based subsidiary of the South Korean internet search engine provider NAVER, launched its crypto exchange BITMAX last year after receiving a license from Japan’s financial watchdog FSA, opening up trading services to its messaging app users.
- The rental fee is incurred every day starting on the day after the rental.
- As reported by CoinDesk Japan, Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Litecoin (LTC) and Bitcoin Cash (BCH) are eligible for the lending service.
- In August, LINE launched a digital asset wallet and blockchain development platform.
