Find Satoshi Lab Limited and LINE Xenesis Sign MOU for STEPN Development
The owner of the “move-and-earn” play application STEPN, LINE Xenesis Corporate entity, a company that develops blockchain and crypto-related businesses, and Find Satoshi Lab Limited announced the contract signing of a memorandum of understanding (MOU) to build STEPN on LINE’s blockchain system, the “LINE Blockchain.”
In April 2018, LINE formed the LINE Blockchain Lab. Since then, it has continued to pursue studies into P2P network-based distributed databases, strong encryption, and advanced decentralized applications that use blockchain-based technology. It created the LINE Blockchain (LINE’s private blockchain) and utilized it as the foundation for the LINK cryptocurrency that the business issues exclusively. The whole group is creating and running several blockchain-related businesses, along with the NFT marketplace LINE NFT and the cryptocurrency asset trading services LINE BITMAX and BITFRONT.
The latest MOU between LINE Xenesis and Find Satoshi aims to use LINE Blockchain technology in the segmentation of STEPN for the markets in Japan. The very first “move-and-earn” blockchain play in the world, STEPN rewards players with digital currencies based on the number of steps they complete. People concerned about their lack of physical activity because of restrictions all through lock-down have risen more popular with the fitness tracker since its beta launch in December 2021. The app boasts 4.5 million worldwide registered members as of July 15, 2022, such as 3 million MAU.
Moving ahead, both businesses will work together to localize STEPN for the Japanese market from a technical and commercial standpoint while attempting to develop a service that allows Japanese customers to quickly and happily encounter WEB3.0.
LINE Xenesis is thrilled to have the opportunity to work with STEPN, which is well-known in Japan and serves as a global showcase for WEB 3.0. The LINE Blockchain, which is LINE’s blockchain, provides the technical framework for all of the LINE’s offerings. They hope to develop new synergies and keep providing new blockchain valuation from a place nearest to their users through this cross-border cooperation.
STEPN is also extremely enthusiastic about this chance to work with LINE Blockchain. They believe that by working with the LINE blockchain, they would interact with LINE users more effectively in Web3 ways, which will help LINE encourage its consumers to lead healthy lives and support initiatives that reduce carbon emissions.
They value LINE Blockchain’s development as a leader in the venture blockchain industry. Japan, one of LINE’s largest consumer marketplaces, is also among STEPN’s most significant markets. They hope to provide more interesting possibilities to Japanese customers by actively engaging in more activities in this industry.
Under the premise of “LINE Blockchain: Designed for Everyone,” they will continue providing blockchain technology solutions that consumers can directly relate to in their daily lives.
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