Although prices throughout the crypto bucket have (somewhat) kicked the bucket, there are still legacy market firms who seem intrigued and excited at the idea of blockchain-backed assets. One such company is Line, a Japan-based internet-centric firm that has become well-known for its messaging app.
As reported by Ethereum World News, the firm announced an in-house crypto-to-crypto exchange, which goes by the name BitBox. Since its release, the exchange has done well, offering its users with low fees, and support for a variety of cryptos via a minimalistic, yet easy-to-use platform.
In a surprising move, the internet giant has shown interest towards expanding its crypto offerings, recently issuing a press release that highlighted its planned “LINK” cryptocurrency. According to The Verge, Line intends to issue the LINK cryptocurrency not via an ICO, but rather, by giving away tokens to users when they use Line services, products or complete specific requests. It wasn’t specified how exactly the payment scheme would work, but one would assume that all users of Line products have a fair chance of receiving this newly-established cryptocurrency.
This may lead you to ask — “What will these tokens be used for?”
Well, Line intends to allow LINK token holders to purchase stickers, “webtoons,” and other services within the firm’s messaging application, in a move to evidently emulate a sort-of premium or loyalty program/service.
Image Courtesy of Line
Although this may be mundane in and of itself, the Japanese firm noted that also intends to offer LINK trading support in the aforementioned Line-owned BitBox crypto exchange. The token has also been likened to Binance Coin, as LINK can be used in the place of the 0.1% fee charged by BitBox’s trading engine.
The firm intends to distribute 800 million LINK tokens over time while keeping 200 million LINK for itself in reserve, which will cap LINK’s circulating volume at a maximum of one billion tokens. It is important to note that for now, that Japan, undoubtedly one of Line’s most important markets, will be unable to access BitBox or LINK, as the Japanese Financial Services Agency (and other regulatory bodies) have not given the go-ahead for these products just yet. As it stands, users in Japan will get virtual points, which can be traded for the firm’s cryptocurrency in the future.
If this LINK venture succeeds, Line intends to eventually use the blockchain behind the LINK token to host decentralized applications (DApps) that will directly connect with the firm’s messaging app.
Speaking with CNET, Youngsu Ko, CEO of Line’s ‘Tech Plus’ subsidiary, explained the social media giant’s aspirations in the cryptosphere, writing:
“The accelerated development of the crypto economy and blockchain technologies has created a wide range of options for new types of businesses. To keep up with these trends, Line has decided to launch our own cryptocurrency and blockchain network. Line intends to be a pioneer in the blockchain/crypto field, using our status as a global mobile platform and a listed company to take the initiative with the first cryptocurrency.”
Photo by Luca Bravo on Unsplash