LINE Xenesis and Find Satoshi Lab Limited Conclude MOU Regarding STEPN Development Utilizing LINE Blockchain

Aiming to collaborate in the localization and provision of the “move-and-earn” app for the Japanese market.

LINE’s crypto asset and blockchain-related business developer LINE Xenesis Corporation (Location: Shinagawa Ward, Tokyo; Representative Director and CEO: Lim Inkyu) (“LINE Xenesis” below), and Find Satoshi Lab Limited (“Find Satoshi” below), operator of the “move-and-earn” game app STEPN, are pleased to announce the conclusion of a memorandum of understanding (MOU) aiming to develop STEPN on LINE’s proprietary blockchain “LINE Blockchain”.

LINE established LINE Blockchain Lab in April 2018, and has since pursued the development of dApps that apply blockchain technology as well as research into P2P network-based distributed systemsand encryption technology. It developed LINE Blockchain (LINE’s proprietary blockchain) and used it as a base to issue the company’s unique crypto asset LINK. The entire group is now developing and operating various blockchain-related businesses, including the crypto asset trading services LINE BITMAX (in Japan) and BITFRONT (globally) as well as a comprehensive NFT marketplace called LINE NFT.

LINE Xenesis and Find Satoshi recently concluded an MOU aiming to utilize LINE Blockchain in the localization of STEPN for the Japanese market. STEPN is the world’s first “move-and-earn” blockchain game that lets players earn crypto assets equivalent to the number of steps they’ve taken. Since its beta release in December 2021, its popularity as a fitness app has grown among people worried about their lack of exercise due to restrictions during lock-down. As of July 15, 2022, the app boasts 4.5 million global registered users, including 3 million MAU.

Moving forward, both companies will collaborate on the technological and business aspects of localizing STEPN for the Japanese market while seeking to create a service that lets Japanese users simply and enjoyably experience WEB3.0 as part of their healthy lifestyles.

■ Comment from LINE Xenesis’ Representative Director and CEO Lim Inkyu

We’re very pleased to be able to cooperate with STEPN, which is very popular in Japan as well as a representative example of WEB 3.0 in the world. As LINE’s proprietary blockchain, LINE Blockchain serves as the technological foundation for LINE’s various services. With this collaboration across international borders, we hope to create new synergy and continue to offer new blockchain value from a position that is closest to our users.

■ Comment from STEPN Co-Founder Yawn Rong

We at STEPN are excited about this opportunity to partner with LINE Blockchain. We believe this collaboration with LINE blockchain will help us better engage with the users of LINE in a Web3 way, and in return help LINE promote a healthy lifestyle and carbon offsetting / environmental friendly initiatives to its users all over the world. We appreciate the progress of LINE blockchain as an avant garde in the enterprise blockchain space. Japan, one of the largest consumer markets of LINE, is also one of the most important markets of STEPN. We plan to continue to have more engagements in this market and hope to offer more exciting opportunities to our Japanese users.

Moving forward, we will strive to provide blockchain services and technology that users can actually apply in their everyday lives under the concept of “LINE Blockchain: Designed for Everyone.”

■About LINE Xenesis Corporation

(1) Name: LINE Xenesis Corporation

(2) Address: Osaki Garden Tower 22F, 1-1-1 Nishi Shinagawa, Shinagawa-ku, Tokyo, Japan

(3) CEO: Inkyu Lim

(4) Business: Holding company operating a cryptocurrency brokerage and blockchain-related business

(5) Capital: JPY 8,160 million (As of April 16, 2021)

(6) Date of establishment: January 31, 2018

(7) Registration number: Cryptocurrency exchanger, Kanto Local Finance Bureau No.00017

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