Japanese messaging app operator Line to roll out its own crypto

Monday 3 September 2018 10:22 CET | News

Line, a Japanese messaging app operator, has announced plans to launch its own cryptocurrency.

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.

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Keywords: Line, cryptocurrency, Japan, ecommerce ecosystem, messaging operator, Bitcoin, tokens
Countries: World