The developers of LINE, a japan based messaging app, has announced that it is presently developing a blockchain which would deliver customizable CBDC to Central banks.
The firm said the new blockchain would be centered around developing the central bank digital currency. According to Chosun, a newspaper company based in South Korea, LINE seeks to help central banks who wants to venture into the creation of CBDC with its blockchain platform.
Furthermore, LINE will ensure that the CBDC on its blockchain will be specially customized and possess adaptability and strength, which are the core quality of the blockchain technology.
LINE set to begin provision of blockchain services to companies
According to the messaging app spokesperson, major Asian countries were already in communication with them over the new product. However, the identities of the said countries have not yet been revealed by the company.
LINE launched its blockchain development platform as well as its digital assets wallet so users can be able to monitor their assets. The platform seeks to aid innovators in tokenizing assets, dispensing digital tokens, guaranteeing clear records, and monetizing data.
Another advantage that the platform provides business and developers is a better UX. With this, companies do not need to worry about the technical aspects of blockchain and security. Furthermore, the platform wants the company to be able to make use of blockchain technology without issues.
Similarly, Mastercard launched a platform that would allow Central banks across the globe that wishes to launch a CBDC to know how it would work. According to MasterCard, the test set will show the allocation, distribution, and trade of CBDC between banks, financial service providers, and consumers who buy goods.
LINE debuts its messaging app in Thailand
Similarly, LINE announced that it has recently launched its messenger based banking platform in Thailand. The launch was done after LINE announced its collaboration with a bank in the country. In its official statement, LINE announced that it set up a venture in conjunction with Thai bank Kasikornbank, the bank in question, to monitor the joint platform.
Line BK, the new platform, allows users in Thailand to send and receive money easily. Users of the app are also allowed to manage their accounts and apply for loans using the app. LINE mentioned that the new app was birthed out of the need to provide its 47 million clients in Thailand with accessible banking services.
The platform further announced that it intends to debut its messenger based banking app in other Asian countries in the coming years. LINE is a japan based subsidiary of Navel, a South Korean company.
The LINE app is the foundation of the company. The company, on its focuses on improving and operating a broad range of mobile services. It also has roots in FinTech, AI, and some other industries.
The main aim of the app is to connect people through communications. LINE Corporation is one of the messaging apps that has set its sights on developing blockchain technology and issue their native token.