Japan’s Line plans cryptocurrency launch next month
Japan’s Line Corp has announced plans to launch a cryptocurrency in next month according to a Reuters report, as the company tries to build up a wide range of businesses using its popular messaging app as a platform.
The company said the digital coin ‘LINK’ will be given as rewards to users of its services and could be traded with other cryptocurrencies at its crypto exchange, BitBox. The coin is not available for users in Japan and the US for regulatory reasons, it added.
Line also said that LINK digital coins would be used as payments or rewards within its blockchain-based app services.
Move follows BitBox launch
The company first outlined plans to expand its reach into fintech via a new company, Line Financial Corp, offering a cryptocurrency exchange, loans and insurance in January this year.
BitBox, its cryptocurrency exchange, launched last month to handle around 30 popular cryptocurrencies including bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH) and litecoin (LTC).
However, BitBox’s potential user base is currently limited as it does not offer its services in its home base of Japan, or in the US. Users are further restricted as they unable to trade fiat currencies such as the US dollar or Korean won for cryptocurrencies.