LINE’s own digital currency exchange, BITBOX, has listed the LINK (LN) crypto token developed by the Japanese messaging firm.
LINE, which owns and operates one of the most popular messaging apps in Japan, announced in late August that it had launched the LN coin to serve as a utility token for a new reward system for its users. LINE said at the time that the token, which came with its own dedicated blokchain protocols called LINK Chain, would be tradable on the BITBOX digital asset exchange in September.
While the company has apparently failed to meet its initial deadline, industry website Coindesk reported today that BITBOX had finally listed the token. According to the official company announcement, LINK is now exclusively available on BITBOX, in three trading pairs – LN/BTC, LN/ETH and LN/USDT.
LINE also provided some details regarding LINK’s blockchain platform, saying that in the coming months it would launch three new decentralised application (dApps) that would allow users to earn LN tokens by contributing with product reviews. This appears to be in line with the company’s previously announced decision to handle the distribution of the token not via an initial coin offering (ICO), but by utilising a reward system that “gives users LINK as compensation for using certain services within the LINE ecosystem”.
“LINK is the digital token that powers the LINE token economy,” today’s announcement reads. “LINK can be used to pay for or receive benefits from various LINE service categories, such as content, commerce, social, gaming, and digital asset exchange. LINK holds a minimum value of USD 5 when used for payment within the LINE ecosystem, but can rise in value according to market conditions.”
LINE plans to gradually issue a total of 1 billion LINK tokens, of which 800 million will be allocated for user rewards. The remaining 200 million tokens will be managed by LINE Tech Plus, a recently-launched subsidiary of LINE Corporation, as a reserve.