LINE, a Japanese web service technology company and Nomura, a leading Japanese bank, announced today the finalization of an agreement to form a partnership that focuses on blockchain technology.
The agreement is a follow up to the Memorandum of Understanding (MOU) outlined earlier this year.
In accordance with the partnership terms, Nomura has now completed its investment in LINE’s blockchain subsidiary company LVC today. In this long-term partnership, the three stakeholders will work together to develop a new financial service using blockchain technology.
Background and Purpose of the Agreement
Nomura is a leading financial institution with a strong global franchise. Under its corporate mission, “We help to enrich society through our expertise in capital markets,” the firm aims to become the most trusted partner for its existing and potential clients.
LINE is driving forward a self-contained Smart Portal strategy wherein the LINE messaging app serves as a gateway through which users can seamlessly connect with people, information, services, companies, and brands. Under its corporate mission of “Closing the Distance,” LINE provides high value-added services to its over 81 million monthly active users (MAU) in Japan.
Meanwhile, through the operation of the recently launched BITMAX cryptocurrency exchange, LVC is driving forward the LINE Token Economy concept founded upon blockchain technology that aims to foster a co-creative relationship between users and service providers.
The three parties’ decision to enter into the agreement is based on their collective intent to leverage LINE’s large user base and the LINE app’s secure and convenient UI/UX, and the Nomura Group’s wealth of financial business knowledge to collaborate in blockchain-based business opportunities.
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