Line Genesis, a blockchain subsidiary of Naver Line, will join hands with an Australian fintech company to expand the Web3 ecosystem in Japan.



Line Genesis announced on the 9th that it has signed an MOU with Find Satoshi Lab Limited in Australia on the development of STEPN. Under the MOU, Find Satoshi Lab will proceed with the development of Stephen, which will be serviced in Japan, based on ‘Line Blockchain’.



Stephen is a representative content in the M2E field that makes money on foot. The M2E service is designed to allow users wearing irreplaceable token (NFT) sneakers to gain virtual assets by increasing the number of steps they walk or run.



Stephen has been very popular since the beta version was released in December 2021, and it has secured 4.5 million global users as of July 15. In the first quarter alone, it earned 26 million dollars (about 34 billion won) worldwide. In January, it was also serviced in Korea and succeeded in attracting more than 10,000 subscribers to Naver Cafe alone.



Line Genesis and Find Satoshi Lab decided to cooperate in business as well as localization of Stephens and jointly make efforts to expand the Web3 experience in Japan.



Lim In-kyu, CEO of Line Genesis, said, “We are very happy to cooperate with Stephen, a representative example of Web3 and is gaining huge popularity in Japan,” adding, “We hope to create new synergy through cross-border collaboration and continue to provide new blockchain value in the closest location to users.”




Meanwhile, Line Genesis was established as Line Blockchain Lab in April 2018 and changed its name to Line Genesis in April this year. Line Genesis is conducting research on DAPP development, P2P network-based distributed system, and encryption technology that apply blockchain technology. It also operates various blockchain businesses such as Line Bitmax, Bitfront, and Line NFT, which are encryption asset trading services.