Messaging giant LINE launches a Token Reward program

LINE, which has more than 84 million users in Japan, announced Friday that it has launched a new program in which it distributes its LINK (LN) token as a reward to those who use its digital services.

The Token Reward Program

According to an official announcement from LINE, users will be rewarded with LINK simply by linking their accounts to its three mobile apps, namely LINE Pay for digital payments, LINE Securities for personal investments and LINE Score for credit scoring.

The awards program is part of LINE's broader plan to promote its blockchain initiative. In 2018, the company created an internal lab to develop decentralized applications (dapps) based on its patented LINE Blockchain.

Line launched its digital asset portfolio and platform for dapp developers last August. The token reward program was activated on September 18th. According to the project, 10.000 users with LINE family credit cards issued by LINE Pay will receive LINK tokens worth 2.000 yen ($ 19,6), while users of LINE Securities will receive up to 500 yen ($ 4,76). ) of tokens by opening an account and completing a questionnaire.

The LINE Securities project was launched in partnership with Nomura Holdings, one of the largest equity brokerage firms in Japan. Users can convert received tokens into fiat currency with the Bitmax LINE cryptocurrency trading service, where an account must be opened to process such transactions.

The LN token in the crypto market

At the news of the launch of this program on September 18, the price of the LN token increased by 26%, from $ 15 to $ 19 in just three hours, returning to $ 17 in the following hours, and then falling to the current $ 12 in the days subsequent - here the quotation of the major tokens in real time.

At the time of its launch in the crypto market, the LN token was worth $ 4, so it's still in clearly positive territory ever since, and on August 15 it peaked at $ 31. However, it is very likely that this spike is due to a confusion with Chainlink's LINK token, which reached its all-time high between August 15 and 16.

LINE aims to encourage its users to actively stay in the token network where more people could exchange or use the LINK token as a payment method, increasing its usefulness.

Other messaging app companies are also developing their own native tokens to leverage their large user bases. Kik and Telegram, for example, two well-known companies in the online messaging sector, have also worked on launching native tokens on a blockchain.