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

Author

Tim Alper

Author

Tim Alper

About Author

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

Author Profile

Share

Copied

Last updated:

June 26, 2023 06:55 EDT

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

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.

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.