Line Corporation, South Korea’s internet search engine Naver’s subsidiary based in Japan, is reportedly working on a central bank digital currency (CBDC) platform in the hopes of elevating the development of Asian CBDCs. As per the report of Chosun Ilbo this October 19th, the firm most commonly known for its messaging app aims to give aid with the development of the “customized CBDC” with this particular platform.
A representative of Line stated that the CBDC platform would aim to support several central banks pursuing CBDC development in terms of scalability and stability. The representative adds that Line is already in talks with some of Asia’s major nations. Notably, Line refuses to disclose particular names just yet.
As per the reports, the upcoming platform intends to allow developers to provide digital tokens, run decentralized applications (dapps), and tokenize assets.
Line’s interest in crypto and blockchain
It is no secret that Line has a high interest in the concepts of cryptos and blockchain technology. This past August, the firm launched a particular blockchain development space dedicated to dapps and digital wallets – Bitmax. Furthermore, in the early months of 2020, Line gave the green light for its crypto subsidiary LVC Corp. to start trading its native token LINK (LN) in Japan.