Line, the Japanese messaging app that’s quite popular in Asia, has announced the launch of its own cryptocurrency called Link. The idea is to bring in more users and retain them. The Link token will be given away for free to users when they complete certain activities. This lets Line get its token out to users without conducting an initial coin offering and asking them for money upfront for the token.
The Link token will be used for various in-app purchases such as webtoon and stickers. Other services offered by the Line platform will also be available in exchange for these tokens. Line will list Link on its own cryptocurrency exchange called Bitbox which was launched a coupl eof months ago.
Line is releasing 800 million Link tokens as part of the rewards system and they will be used to incentive users to spend more time in the app completing tasks that will earn them these tokens. Line is also keeping 200 million Link tokens in reserve.
Interestingly, Line is yet to receive approval in its home country of Japan for both its digital currency and its cryptocurrency exchange. Bitbox is not available in Japan right now and users there won’t earn Link tokens as well. They will receive virtual points which can be traded in for cryptocurrency once the approval is granted.