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.
- 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.
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