Cryptocurrency exchange Crypto.com and Line Xenesis — the crypto asset and blockchain-related business developer of Japanese messenger app Line — have signed a memorandum of understanding to boost crypto innovation in Asia-Pacific and the global industry.



See related article: Singapore-based Crypto.com gets preparatory license to expand services in Dubai



Fast facts




In a Wednesday announcement , Singapore-based Crypto.com said the collaboration will advance the exchange’s business solutions through Line’s network of some 200 million monthly active users.



The collaboration will initially focus on enhancing Line Xenesis’ licensed crypto offerings in Japan, with plans to explore NFT integrations and crypto payment capabilities.



“APAC and Japan are significant potential growth markets for crypto with high levels of interest and adoption already in place,” said Patrick Yoon, general manager of Crypto.com Korea.



Japan, an early believer in blockchain and cryptocurrencies, has become increasingly supportive of emerging metaverse technology as a pillar of the country’s economic future. A government-affiliated white paper released in April detailed the country’s plans for adopting Web3 technologies.



Crypto.com secured a digital token license in Singapore at the start of June . It received in-principle approval from the Monetary Authority of Singapore in June 2022 .



In April 2022, Line launched its NFT marketplace through its Osaka-based blockchain subsidiary LVC.