LVC – The cryptocurrency exchange operator & blockchain business unit of LINE, is launching its new service that permits users to lend cryptocurrency assets like Bitcoin [BTC] & Ethereum [ETH] to its exchange BITMAX. Reciprocally lenders will receive a rental fee, which is just like the interest on a loan.
Between Oct. 7- Oct. 30, the firm will run a campaign that will let users earn up to 10% per year of the fee from the lending service, consistent with a press release filed by LINE at the Tokyo stock market on Tuesday.
LINE is a popular messaging application within Japan, with over 80 Mln local users.
LINE Corp, a Tokyo-based subsidiary of the South Korean web search engine provider NAVER, revealed its cryptocurrency exchange BITMAX last year after receiving a license from Japan’s financial watchdog FSA, opening up trading services to its messaging application users.
The rental fee is incurred a day starting on the day after the rental.
As reported, Bitcoin [BTC], Ethereum [ETH], Ripple [XRP], Litecoin [LTC], and Bitcoin Cash [BCH] are eligible for the lending service.
Also earlier in August, LINE revealed its virtual asset wallet and blockchain development platform.