Japan’s Line said on Friday it will launch a cryptocurrency in September, 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 United States for regulatory reasons, it said.
In Japan, the company said Link Point will be used instead of Link, and a Link Point cannot be traded or exchanged before Line gets official regulatory authorisation, and can only be used with Line Points at this time.
Line said Link digital coins would be used as payments or rewards within its blockchain-based app services. Types of Link usage described by the company include content, commerce, social (in-app and peer-to-peer), gaming, and exchange payments.
“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,” said Line CEO Takeshi Idezawa. “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 apps for people’s daily lives.”