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LINE's latest blockchain strategy: assisting countries in developing CBDC blockchain platforms, focusing on Latin America and Africa.

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The popular messaging app Line recently announced that it has signed a memorandum of understanding (MOU) with the South Korean software developer Nuriflex to provide services related to Central Bank Digital Currencies (CBDCs) in Latin America and Africa.

CBDC Blockchain Platform

According to its press release, Nuriflex will collaborate with LINE to develop suitable CBDC blockchain platforms based on the policies and financial environments of various countries, and offer them to interested central banks.

The head of Line's Blockchain Lab, Lee Hongkyu, stated:

We hope to combine Nuriflex's business experience in Latin America and Africa with LINE's blockchain technology to assist in creating CBDCs and bringing innovation to their financial industries.

NuriFlex, established in 1992, primarily provides software services to the public utility industry, including blockchain-based cashless payment systems and IoT platforms. The company is currently providing technical assistance to the government of Cameroon in Africa as the country moves towards digitizing its healthcare insurance system.

Line's Past Strategies

In recent years, LINE has been actively expanding beyond its core business, but its strategies in the cryptocurrency field have been somewhat puzzling. Here is a summary of its past developments:

  • 04/2018: Established LINE Blockchain Lab team, developed LINE Blockchain, and issued the cryptocurrency LINK LN
  • 07/2018: Launched the exchange BITBOX in Singapore (crypto-to-crypto trading)
  • 09/2019: Launched the second exchange BITMAX in Japan (fiat trading)
  • 03/2020: Closed the Singapore exchange BITBOX and re-launched the global trading platform BITFRONT in the US
  • 08/2020: Developed the blockchain wallet "BITMAX Wallet" and introduced the blockchain development platform "LINE Blockchain Developers"

Despite appearing to be proactive in its developments, LINE has not shown particularly outstanding performance in overall operations. For instance, the launch of the exchange BITFRONT was almost immediately forgotten by the market, ranking only 191st on CoinGecko. Now, the top management has decided to shift towards developing CBDCs, leaving people curious about what groundbreaking move this communication giant will make next.