Messaging Giant Line Lists Its Crypto Asset LINK (LN) on Bitbox

[Pegasus]

Japanese corporation Line, which owns one the leading messaging apps in Asia, has started trading of its own virtual coin, LINK (LN), as part of a plan to build a crypto ecosystem around the token. Line listed LN on its digital asset exchange Bitbox on Tuesday morning UTC.

Bitbox operates with Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) and has enabled LN pairs with all of them. The new asset suffered a significant price drop five hours after the launch, changing hands at BTC 0.00048659, or $ $3.12 – a 34.86% decrease compared to the starting price. As at 08:15 UTC on Monday, LN was down 35.21% on the Ethereum market, trading at ETH 0.01490058 ($3.03). In USDT, LN’s price was 3.27, or $3.20, which amounted to a drop of 34.60%.

The new token is at the center of the so-called LINK Token Economy, which aims to find new revenue sources for the Japanese corporation. LN has its own blockchain and allows companies and users to build decentralized applications (dApps) on it. LN will be the reward token in the system Line plans to have ready by year-end.

“LINK is the digital token that powers the LINE token economy. LINK can be used to pay for or receive benefits from various LINE service categories, such as content, commerce, social, gaming, and digital asset exchange. LINK holds a minimum value of USD 5 when used for payment within the LINE ecosystem but can rise in value according to market conditions,” Bitbox said in LINE’s listing announcement.

According to the project white paper, LN does not constitute a security or any other regulated product in any jurisdiction as it does not offer holders ownership or other property rights in Line Corporation or any of the dApps on LN’s blockchain.

The Japanese company has become very active in the crypto industry, establishing Bitbox in Singapore and conducting research on the distributed ledger technology (DLT) through its blockchain lab. Line has also applied for a crypto trading license in the United States, while the process for obtaining a similar permit from Japan’s Financial Services Agency (FSA) has been put on hold due to enhanced regulatory scrutiny after the Coincheck hack in January this year.

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