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Link Token Enjoys Japanese Post-Listing Success, Says Chat App Line

Tim Alper
Last updated: | 1 min read

Chat app giant Line says that its link token (LN) has exceeded 100 million yen (around USD 941,000) worth of transaction volumes on its crypto exchange – just six days after it began trading the coin.

Source: Adobe/Denys Prykhodov

According to Hedge Guide, Line – which has some 81 million monthly active users per its own reckoning – also says that 10,000 new users signed up to Line’s Bitmax crypto exchange within the space of a single week in early August.

The exchange links directly to the Japanese version of the chat app via a tab in the latter’s interface.

The firm’s token was officially released some time ago. But as Japanese law requires that all new token listings gain approval from the nation’s top financial regulator, Line was forced to wait until this month to finally list its token on the Bitmax exchange.

Line marked its listing with a number of promotional offers, including free link token giveaways for customers making deposits or purchases in a number of leading cryptoassets, including bitcoin (BTC) and ethereum (ETH).

As previously reported
, the firm – which was founded by South Korean internet giant Naver – is set to merge with the Softbank-backedYahoo Japan in February next year. The latter is also a major crypto play, with multiple crypto exchange interests – and could spark the creation of Asia’s first crypto mega-company.

Line also operates Bitfront (formerly Bitbox), crypto exchanges based in other Asian nations such as Singapore.

Per media outlet Coin Post, Line is also set to launch a dapp developing kit for its blockchain network. The move will allow partner firms to create and release decentralized apps compatible with its crypto wallet and exchange platforms.