Japanese messaging app operator Line to roll out its own crypto

The messaging company aims to gradually issue a total of 1 billion of the network’s LINK tokens, of which 800 million will be distributed to public users while the rest will be held as a company reserve, according to CoinDesk.

The LINK token will be added to LINE’s newly launched BITBOX cryptocurrency exchange for trading in September 2018. As the company tries to build up a wide range of businesses using its popular messaging app as a platform, the tokens can be further used as a payments means within LINE’s existing ecosystem.

However, BITBOX is currently not a licensed exchange platform in Japan by Financial Services Agency. As such, residents in the company’s home country are only able to receive what’s called a LINK Point for the time being, which will be exchangeable for the full crypto asset once BITBOX becomes licensed in Japan.