One of the biggest social networks (Line) is planning to launch its own bitcoin exchange that will allow its users to trade digital currencies via their smartphones.
Line is said to have more than 170 million users.
Line gave few details about its plans to set up its own exchange, but is said to have applied for a license with Japan’s financial regulator.
The company already has a mobile wallet service called Line Pay, which lets users pay for goods and services using money stored in their account.
Line today, January 31 said that, it will also start selling other financial services, such as insurance and personal loans.
However, investors are upbeat about the news as Line’s stock has risen and gained 2.6% in Tokyo.
Koji Higashi, a Japanese bitcoin entrepreneur and commentator said Line could succeed in attracting people wanting to trade digital currencies because it is a well-known and trusted brand in Japan.
On a flip side other major social networks are taking a more cautious approach.
Facebook (FB) said on Tuesday that, it is banning cryptocurrency ads in a new policy designed to prevent scammers from taking advantage of users.