LINE is launching own cryptocurrency and blockchain network
Japanese mobile messaging giant LINE is increasing its presence in crypto world. After the successful launch of its cryptocurrency exchange BITBOX in July, the company is now creating its own cryptocurrency, called LINK.
According to the official statement, the new cryptocurrency along with the blockchain network LINK Chain can make LINE one of the biggest cryptocurrency developing companies worldwide.
An important factor here is the fact that LINK and LINK Chain were developed independently by LINE. The company is planning to issue a total of 1 billion LINK at this moment. Around 800 million will be devoted for user awards, and 200 million will remain as a reserve.
Among the company’s upcoming plans are registering LINK on BITBOX, where it will be distributed to the users.
“Along with the dApps that will be launched soon, BITBOX will be the platform where users are able to acquire LINK and trade LINK with other digital assets. Furthermore, BITBOX will provide exclusive benefits to LINK holders, such as payments or discounts on trading fees and many promotional events.”
We’re excited to announce that #LINE has launched its 1st #cryptocurrency "LINK" and its first #blockchain network "LINK Chain." More than just a cryptocurrency, #LINK is at the heart of LINE’s token ecosystem.https://t.co/BBLr4PhIXt#LINEFintech #BITBOX #LINKChain #LINKCrypto pic.twitter.com/t07paoviqu
— LINE Global (@LINE_Global) August 31, 2018
According to LINE CEO Takeshi Idezawa, the new cryptocurrency will help the company to build a user-friendly reward system for its 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.”
LINK is not planning to make an Initial Coin Offering but those who will use specific services within the LINE network will get LINK as compensation through the reward system.
“For example, a user who has joined and participated in one of the decentralized app (dApp) services related to LINK can receive LINK as incentive. That LINK can then be used as payments or rewards within the dApp services that will launch soon, and for service categories like contents, commerce, social, gaming, exchange and more within the LINE ecosystem.”
As Cryptos.com reported earlier, LINE’s crypto exchange BITBOX kicked off global operations in July. 30 types of cryptocurrencies are traded, including BTC, ETH, BCH and LTC. In August LINE launched a USD10 million token venture fund which will focus on blockchain startups. With this step, the company is trying to boost the development and adoption of cryptocurrencies and blockchain technology.