LINE, which has more than 84 million users in Japan, announced Friday it has started a rewards program where it gives out its token LINK to those that use its digital services.
- Users will be rewarded with LINK by connecting their accounts to its three mobile apps, including LINE Pay for remittance and settlement, LINE Securities for personal investment and LINE Score for credit evaluation, CoinDesk Japan reported on Sept. 19.
- The reward program is part of LINE’s effort to promote its blockchain initiative. In 2018, the company created an in-house lab to develop decentralized applications (dapps) based on its patented LINE Blockchain.
- It launched its digital asset wallet and a development platform for dapp developers in August.
- The program started on Sept. 18. Under the plan, 10,000 users who have LINE family credit cards issued by LINE Pay will receive 2,000 yen ($19.6) worth of LINK tokens, while LINE Securities users will get up to 500 yen ($4.76) worth of tokens by opening an account and completing a questionnaire. LINE Securities was started in collaboration with Nomura Holdings, one of the largest stock brokerages in Japan.
- Users can convert the tokens into fiat currency by the LINE's crypto asset trading service Bitmax, where they need to open an account to process such transactions.
- The company aims to encourage its users to participate in the token economy in which more people would trade or use the LINK token as a way of payment and increase its utility.
- Other messaging app companies are also developing their own native tokens to leverage their large user bases. Kik and Telegram have also made efforts to launch tokens on a blockchain.