Line-Yahoo Japan Alliance Set to Shake Up the Crypto Industry in Japan

Midhat Ali Shaikh by Midhat Ali Shaikh - 11:19 AM Nov 15, 2019

Line-Yahoo Japan Alliance Set to Shake Up the Crypto Industry in Japan

Japanese cryptocurrencies experts are seeing business advancements enthusiastically after Softbank, the financial entity that holds approx 48% of Yahoo Japan, confessed it was in discussion with the operator of Line chat app over a potential union.

Recently, Line had introduced its Bitmax cryptocurrency exchange platform in Japan. Also operates exchanges and blockchain business operations in many Asian countries. The company claims to have 81 million active users on its chat app monthly, which features a Bitmax interface.

Also, Yahoo Japan, while is one of the biggest supporters of rival exchange, Tao Tao, that initiated in May of the current year.

One of the Tokyo-based crypto industry investors, Takumi Yuzawa told the source:
"Undoubtedly the merger is going to have a very big impact on the cryptocurrency scene here in Japan.”

Further Yuzawa commented:

“Let’s imagine that these companies end merging their cryptocurrency operations. In that case, we are either going to end up with one very big and powerful crypto player – or one of those companies might end up exiting the market, meaning we lose a player.”

Neither of the company has revealed its crypto plans after the merger. However, the discussions and talks are continuing to go regarding crypto business plots. Nikkie said the companies have come to the final stage of negotiations.

Z Holdings officially owns Yahoo Japan, nonetheless Softbank control company's stake. The Yahoo Japan search engine and relevant apps have approx 48 million active users on a monthly basis.

Meanwhile, Line is the invention of South Korean internet giant, Naver, the country's equivalent to Google.

Per Jiji, one merger option currently on the table is developing a 50-50 joint-owned firm, which would result in the company operating two Financial Services Agency-licensed Crypto industry exchanges.

In a critical analysis, Bloomberg writer, Tim Culpan made a comment:

"The line has been marching toward irrelevance since its dual Tokyo and New York initial public offerings three years ago. The company’s move into the world of cryptocurrency was a sign of desperation.”

Both the firms have advanced e-pay business operations, with Line's LinePay and Yahoo Japan's PayPay already emerged across the country. Also has been merged with Ripple's MoneyTap app, while LinePay has been serving with Visa on blockchain-based cross border transactions.

About The Author
Midhat Ali Shaikh

Midhat Ali ShaikhMidhat ali shaikh is a freelance content writer and is involved with renowned organization named knovatek pvt. ltd. also serving for vmatchu and nghostings


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