Japan’s Chat Giant Line, Investment Banking Giant Nomura Partner On Blockchainbr>
Japan-based social messaging platform Line have executed a memorandum of understanding (MoU) with local financial holding company Nomura to form a financial business alliance focused on blockchain technology.
Nomura, Japan’s biggest brokerage and investment banking group, announced that the formal contract with Line will be signed by the end of March 2019. The companies are considering establishing a capital alliance in which the LVC Corporation, a Line subsidiary that oversees the firm’s digital asset and blockchain business units, will increase capital by way of third-party allotment of new shares to Nomura.
“The decision made by the three parties to execute an MoU is based on their intent to collaborate in blockchain business opportunities by leveraging Line’s large user base and its secure and convenient UI/UX, and Nomura Group’s established financial business know-how,” the announcement reads.
The execution of the alliance will be subject to an evaluation of the alliance’s impact, authorization by relevant authorities, a contract determining the final understanding of the operation, and the execution of a subset of agreements necessary for the alliance.
In August 2018, Line created a $10 million corporate token venture fund, called Unblock Ventures, to invest in blockchain startups. In July, the chat giant launched its crypto exchange platform, BitBox, which currently supports over 30 cryptocurrencies.