Crypto.com entered into a partnership with LINE Xenesis, a crypto firm behind the famous messaging app Line. Through this alliance, Crypto.com seeks to expand its presence in Asia-Pacific (APAC), one of the fastest-growing global crypto markets.
New Partnership Will Capitalize on Line’s 200 Million User Base
Crypto.com announced on Wednesday that it is partnering with Japanese messaging app Line in a deal to grow the cryptocurrency exchange’s presence in Asia-Pacific. According to the press release, the rapidly-growing crypto trading platform plans to utilize Line’s vast network of around 200 million monthly active users to enhance its business solutions in the region.
“The initial focus on the collaboration will be to enhance LINE Xenesis’ licensed crypto offerings within Japan, while also setting a foundation for Crypto.com and LINE Xenesis to establish a collaborative forefront of crypto innovation that drives influence across the broader Asia Pacific and global crypto industry.”
– Crypto.com wrote in the press release.
The two companies also plan to explore further crypto and blockchain-related business opportunities, such as strengthening crypto payment offerings and non-fungible token (NFT) integrations. Crypto.com sees Japan and the broader APAC region as markets with excellent growth potential, already attracting significant crypto community interest.
Japan’s Web3 Efforts
The newly-announced partnership with LINE Xenesis represents the latest in Crypto.com’s recent efforts to spur growth. The fast-growing crypto exchange obtained a digital token license in Singapore last month, a year after receiving in-principle approval from the city-state’s central bank.
More recently, Crypto.com also acquired permission from the Bank of Spain to begin providing digital asset services in the country after completing a comprehensive compliance review. The company secured licenses in several global markets over the past year, including France, Brazil, and Dubai.
Meanwhile, Crypto.com’s most recent endeavors to increase its presence in Japan and APAC are the heels of critical Web3 developments in these markets. Earlier this week, Japan’s prime minister Fumio Kishida reiterated the country’s plans to expand the local Web3 ecosystem.
This article originally appeared on The Tokenist
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