The Japanese messaging giant Line has announced the launch of its own cryptocurrency designed to encourage cryptocurrency adoption for millions of users. The cryptocurrency is known as Link and will be available to Line’s huge user base of more than 200 million people.
Link will be exclusively available on the Bitbox digital asset exchange in September.
Japan’s instant communications app will issue 1 billion Link tokens, 200 million of which will be kept by Line. 800 million will be distributed amongst users of the popular messaging app to be used as payment for Line’s blockchain-based app, referred to as dApps (decentralized applications).
Line’s cryptocurrency will utilize a reward system offering Link as a reward for using specific services within the Line ecosystem, rather than having an Initial Coin Offering (ICO).
Encouraging cryptocurrency adoption
The objective of Japan’s new digital coin is to spread the adoption of cryptocurrency, as well as Line’s different apps and services.
As Takeshi Idezawa, Line’s CEO said:
“Over the last seven years, Line was able to grow into a global service because of our users, and now with Link, we wanted to build a user-friendly reward system that gives back to our users.”
“With Link, we would like to continue developing as a user participation-based platform, one that rewards and shares added value through the introduction of easy-to-use dApps for people’s daily lives.”
Via a Bitbox exchange, Line users will be able to trade Link with other cryptocurrencies. Though because of regulatory issues, Link will not be available for users in Japan. For residents in Japan, Link Point will be used instead of Link and Link Point cannot be traded or exchanged until it gets official regulatory authorization.
Japan’s tighter cryptocurrency controls
The launch of the Japanese messaging app’s own cryptocurrency comes in the wake of the country placing tighter controls on cryptocurrencies.
In 2017, Japan’s Financial Services Agency (FSA) introduced legislation to make cryptocurrencies like bitcoin a legal currency. The legislation crafted mass adoption of cryptocurrency in Japan, seeing the nation become the second-largest crypto market in the world.
By bringing a new cryptocurrency to millions of users, it seems Japan’s leading messaging app is attempting to continue the drive to maintain mass crypto adoption and ensure Japan maintains its position as a world leader in the cryptocurrency market.
Gabrielle Pickard-Whitehead is a freelance journalist and copywriter based in the Peak District, UK. Since 2006, Gabrielle has followed her passion for writing and has sculptured a rewarding career out of her love for the written word. Gabrielle thrives on creating compelling content related to current affairs, politics, financial news and the latest advancements in technology and innovation. Gabrielle is excited about having the chance to write about the constantly-evolving world of crytocurrency and enabling people to learn more about this rapidly-advancing digital asset.