Line is looking to offer incentives to its users via its own cryptocurrency – although Japanese regulators aren’t making it easy…
The popular Japanese messaging app company Line has announced that it’s introducing its own cryptocurrency, as it continues to look at ways to recruit new users.
The company made the announcement on its webpage, declaring that its first cryptocurrency will go by the name of Link, and that it’ll be exclusively available in the first instance at least on BITBOX. For Japanese users there’s a slight caveat, as residents of the country will be rewarded with LINK Point rather than LINK, which presumably is tied in to the far increased scrutiny Japanese regulators now place on new crypto products.
Line, then, is following the idea of using cryptocurrency as a user incentive (Rakuten explored the same idea), and it’ll be using an independently-created blockchain – cunningly entitled LINK Chain – to power the system. The company has already ruled out an ICO (again, Japanese regulations can’t have helped much there, even if it wanted to), and will instead give LINK coins to users who use certain Line services.
Cryptocurrency can then be saved up, which can be spent in exchange for upcoming services, goods, benefits and other such incentives.
LINK will officially launch in September, and via BITBOX, it’ll be possible to link it (arf) to other cryptocurrencies too. LINK Point, though, will remain restricted until Line is given the nod for cryptocurrency trading and exchanges within Japan itself. For the time being, it sounds like LINK is more enticing to people outside of its country of origin rather than within it.
Line’s website, that has more details on the LINK coin, can be found here.