LINE is a Japanese messaging giant, boasting 84 million users in Japan alone. On Friday, LINE announced that it had started a rewards program, aiming to give out its LINK tokens to those that make use of LINE’s digital services.
Some Terms And Conditions
In particular, users will be rewarded with LINK tokens, should they connect their respective accounts to three of LINE’s mobile apps. These apps are LINE Securities, a personal investment app, LINE Pay, a remittance and settlement service, as well as LINE Score, which serves as a credit evaluation. This was reported by Coindesk Japan, on the 19th of September, 2020.
This reward program stands in tandem with LINE’s overall efforts to promote its new blockchain initiative. Back in 2018, an in-house lab was created by the company in order to develop various decentralized applications (dApps), which would be based within the patented LINE Blockchain.
The Exact Details
The digital asset wallet for the LINE token was launched back in August, alongside a development platform for dApp developers for the blockchain itself.
This new reward program started on the 18th of December, 2020. Under the plan of this program, 2,00 yen ($19.6) worth of LINK tokens will be given to 10,000 users that have a LINE Pay-issued family credit card. Users of LINE Securities can get up to 500 yen ($4.76) in LINE tokens, only needing to open an account and fill out a questionnaire. It should be noted, however, that Line Securities was founded with the collaboration of one of the largest Japan-based stock brokerages out there: Nomura Holdings.
Through the use of Bitmax, the crypto asset trading service of LINE, users are capable of converting these tokens into fiat currency. Of course, users would first need to open an account in order to have such transactions be processed, however.
Moving Towards Payment Heavyweight Status
LINE is making plans to encourage its users to take part in the token economy, where more people would use LINK tokens as a form of payment, or otherwise trade in it. Both of these outcomes would result in the LINK token seeing its utility rise.
It should be noted, however, that LINE isn’t the only messaging app giant looking to get into this. Big names like Telegram and Kik have also ventured into the space, as well as WeChat.
Time will tell how successful this venture will be, but in all probability, LINE is likely setting itself up to be the go-to payment provider within Japan’s crypto space.