One of the biggest chat providers in the world, Japan’s LINE Corporation, announced that it has signed a memorandum of understanding (MoU) with major financial service provider Nomura Holdings in January 2019 to establish a blockchain alliance.
The company revealed that a formal contract of partnership will be inked by March 2019. Nomura, a provider of investment and financing, will work with LINE and LVC Corporation, which manages LINE digital assets and blockchain business units.
All three companies are looking at options to form a financial alliance for the development of blockchain technology. The companies stated that more details concerning the alliance will be released closer to the formal contract signing date.
The partnership is not the first time these major companies have worked together. In 2018, LINE and Nomura jointly established a firm that offers securities brokerage services as well as consultation regarding investments, giving LINE a 51 percent share with Nomura holding 49 percent.
LINE has previously demonstrated its strong interest in the development of cryptocurrency. In January 2018, the company revealed that it intends to introduce LINE’s own cryptocurrency exchange as well as in-app trading platform for its active monthly users — approximately 200 million accounts — as well as to apply for the necessary licensing.
The same year, LINE launched its in-app currency called LINK, which would offer 1 billion LINK tokens, with 200 million tokens or 20 percent of total tokens to be put in the company reserve. LINE aims for the tokens to be available for use as a method of payment for services offered on its platforms.
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