10 Sep 2018 Marsha Tusk
LINE Announces Launch of Its Own Cryptocurrency
The cryptocurrency is part of a blockchain network LINK Chain and provides integration of dApps. Users receive LINK by utilizing the LINE services.
LINK will be available for trading on BITBOX starting in September.
LINE Corporation is the biggest company until now to issue a digital token. The social messenger will not hold an Initial Coin Offering (ICO). Instead, the cryptocurrency will be distributed through a reward system. Users will be able to obtain LINK with their involvement in the platform.
For now, LINK will only be put on the Bitbox exchange. Through it, users will be able to buy and trade LINK for other digital assets. To support the new cryptocurrency, the exchange platform will give discounts on trading fees and hold promotional events.
The mainnet LINK Chain on which the token operates was officially released on August 23. The blockchain network will allow the integration of decentralized applications. They will be implemented directly into the messenger platform.
The CEO of LINK, Takeshi Idezaga, announced that thanks to the users, the social messenger has succeeded in the global market over the last seven years. By creating the cryptocurrency, the company wants to reward its users and make their everyday life more comfortable.
The maximum token supply will be 1 billion LINK which will be distributed slowly. 800 million will be reserved for rewarding users, and 200 million will be managed by LINE Tech Plus.
LINK will be used as a payment method for content, commerce, social, gaming and as an exchange. For Japanese residents, the cryptocurrency will be called LINK Point because Bitbox has not received its license from the Financial Services Agency and only international users can use it.
Earlier in August, LINE funded $10 million for the creation of a blockchain venture in Hong Kong.