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This Popular Social Network Is Launching A Bitcoin Exchange

One of the biggest social networks wants to cash in on the bitcoin boom.

Popular messaging app Line (LN) said Wednesday it plans to launch an exchange that will allow its more than 170 million users to trade digital currencies via their smartphones.

It’s the latest big name to get involved in the cryptocurrency industry, whose popularity exploded last year when bitcoin and other virtual coins soared in value.

“Cryptocurrency exchanges are making fat profits right now,” said Koji Higashi, a Japanese bitcoin entrepreneur and commentator. “Mainstream companies such as Line are now trying to take advantage of this growing market.”

Related: Overstock is turning into a bitcoin tech company

Other major social networks are taking a more cautious approach, though. Facebook (FB) said Tuesday it’s banning cryptocurrency ads in a new policy designed to prevent scammers from taking advantage of users.

Line gave few details about its plans to set up its own exchange. But it said it has applied for a license with Japan’s financial regulator.

The company already has a mobile wallet service called Line Pay, which lets users pay for goods and services using money stored in their account.

Line said Wednesday that it will also start selling other financial services, such as insurance and personal loans.

 

Read the rest at CNN

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