Line Corp. is working to integrate cryptocurrencies into its messaging platform, people with knowledge of the matter said, as the Tokyo-based company seeks to differentiate its products and services.
The messaging provider is in discussions with multiple companies on using cryptocurrencies for payment services including Line Pay, said the people, asking not to be identified because the information isn't public. The broader goal is to create products that keep users within Line's ecosystem and keep them coming back to the app, increasing "stickiness," they said.
Line shares surged 10 percent earlier on Tuesday, to set a record in Tokyo, on speculation that it was looking to tie up with South Korean bitcoin exchange Upbit. A representative for Line declined to comment on a potential alliance with Upbit. The American depositary receipts jumped 7.9 percent to $47.24 at 9:48 a.m. in New York.