Japanese messaging giant LINE has been at the forefront of blockchain and cryptocurrency adoption and integration. Boasting a user base of 80 million only users in Japan, and a worldwide customer base of 164 million people, the company has played a major role is fostering crypto awareness and adoption.
According to a recent announcement, BitMax, the Japanese crypto exchange operated by LINE’s subsidiary LVC Corporation, has become the first exchange in Japan to offer the platform’s native token LINK (LN).
The token was previously available for trading on the company’s international exchange BitFront (formerly known as BitBox) since October 2018. However, the exchange wasn’t available to users in Japan.
The messaging giant had to secure a license from Japanese regulators and finally launched BitMax in September last year.
LN becomes the sixth crypto asset to be listed on BitMax after Bitcoin (BTC), Ethereum (ETH), XRP, Bitcoin Cash (BCH), and Litecoin (LTC).
Since the unabbreviated name of LINE’s token is LINK, many often confuse with popular crypto asset Chainlink (LINK). In order to differentiate from ChianLink, LINE rebranded its blockchain’s name to LINE blockchain, previously referred to as “LINK chain”.
The token was originally launched as an incentive for the platforms 80 million monthly active users.
As of now, the platform plans on developing and promoting its eco-system by rewarding users of LINE’s blockchain network with LN tokens, for using decentralized apps on the network.
At the time of writing, LN is priced at $20.76 and is up 21.3 % from last month.
LINE’s crypto ventures
LINE previously partnered with Japanese banking giant Nomura, as a part of a memorandum of understanding (MOU), to focus on the development of blockchain technology in Japan by forming a financial business alliance.
Earlier this year, BitFront was launched in the United States under the management of LVC, LINE’s crypto-asset, and blockchain-related business operator. The exchange provides fiat-to-crypto and the crypto-to-crypto markets for the U.S. dollar.
As previously reported by The Daily Chain, BitMax partnered with South Korean-based crypto exchange Bithumb, to leverage their respective market presence and expertise.
With the collaboration, the exchanges plan on developing blockchain and crypto-based technologies and infrastructure.