Japanese messaging giant LINE rolls out a token reward program

By: Jinia Shawdagor
Jinia Shawdagor
Jinia is a cryptocurrency and blockchain enthusiast based in Sweden. She loves everything positive, travelling, and extracting joy and… read more.
on Sep 23, 2020
  • This reward program is reportedly part of LINE’s plan to promote its blockchain initiative.
  • The program involves connecting LINE’s customers’ accounts to its three mobile applications.
  • LINE users will be able to cash out the LINK tokens by creating a Bitmax account.

LINE, a leading Japanese messaging giant, has launched a reward program that involves giving out its token LINK to customers that use its digital services. A report unveiled this news on September 19, noting that the firm will reward its customers by connecting their accounts to its three mobile apps. These are LINE Pay for remittance and settlement, LINE Securities for personal investment, and LINE Score for credit evaluation.

According to the report, this reward program is part of LINE’s plan to promote its blockchain initiative. The company started this program two years ago by creating an in-house lab to develop decentralized applications (dApps) on its patented LINE blockchain. In August this year, the firm went on to launch its digital asset wallet and a development platform for dApp developers.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

Reportedly, the program started on September 18. The plan will see 10,000 users that hold LINE credit cards issued by LINE Pay receive LINK tokens worth £15.4. On the other hand, LINE Securities users will get LINK tokens worth £3.74 after opening an account and completing a questionnaire.

LINE users can cash out the LINK tokens

Per the publication, LINE users can convert the tokens into fiat currency. However, they will have to create an account with Bitmax, LINE’s crypto trading service in order to process such transactions. Through this reward program, the company aims to encourage its users to take part in the token economy. In so doing the firm hopes that more people will trade or use the LINK token as means of payment and increase its utility.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker, eToro
67% of retail CFD accounts lose money