Japan's LINE Plus Obtains GrayHash Research Firm In An Attempt To Boost Fintech Security

LINE Plus, the subsidiary of the LINE messaging app, has today announced the acquisition of the online security research firm, GrayHash. The undisclosed deal will set LINE Plus on a new partnership that aims to boost the security of Fintech services alongside its messaging app.

GrayHash provides online security research options with specialization in offensive research and hacking-oriented techniques. The firm was founded by entrepreneurs and has a history of hosting international hacking conferences, competitions, and contests that focus on the field of security. A majority of GrayHash's clients are customers within the IT, messengers, electronic, mobile and gaming industry.

The acquisition by LINE Plus will see GrayHash renamed to GrayLab in a bid to task the firm with the development of the necessary optimized security solutions. GrayLab will also work into developing security solutions in areas like blockchain, artificial intelligence (AI) and digital currency exchanges. All these solutions focus on optimizing LINE's messaging services and other Fintech services.

As part of the procurement, GrayHash's CEO and Co-founder, Seung Jin Lee is set to continue as head at the new GrayLab. In his reaction to his new position, Lee states that:

“We will continue to strengthen the security level and capability of LINE services by taking security measures based on the insight, technology, etc.”

The CEO was a former finalist of the annual Def Con CTF (Capture The Flag) event back in 2006. His background also features working as an advisor for the Korean military Cyber Command and the Cyber Bureau of Investigation at Seoul Eastern District Prosecutor's office. Lee now serves on multiple review boards for cybersecurity conferences such as BlackHat Asia and the Code Blue.

The acquisition of GrayHash is in line with LINE's mission of “Closing the Distance.” The goal seeks to bring people and financial services closer to the investment service and non-life insurance service through LINE's messaging app.

In November, the firm announced the expansion of its Fintech business by establishing a joint blockchain venture with Mizuho Financial Group from Japan. The venture contract seeks to prepare for the formation of a new bank. Under the partnership, both firms will now work to pursue the better use of technologies to offer convenient financial services such as smartphone banking apps to its growing customer base.

LINE Plus Corporation is a subsidiary of LINE Corporation operating the mobile messaging app. The company was founded in March 2013 and is based in South Korea. It offers its messaging services, video and voice call across multiple devices such as desktops, Android, Windows phone, iPhones, and blackberry operating systems.

The LINE Corporation is the Japan-based parent company of LINE Plus. The corporation was founded in April 2013 with the goal to operate LINE's web service businesses. Since its launch, the LINE Corporation has placed its business core on actively pushing its expansion further to a global scale, as well as developing the LINE platform as a whole.

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