Japanese social media network and messaging app LINE has listed its native crypto asset on Japanese exchange BitMax
LVC Corporation, a subsidiary of LINE Corporation, a Japanese social media network and messaging app, has listed LINK, a proprietary crypto asset issued by Singapore-based LINE TECH PLUS PTE LTD. LINK is available on BitMax, a Japanese crypto asset exchange. LINE TECH PLUS is a subsidiary of both companies.
BitMax launched in September 2019 as a crypto asset exchange service that can be accessed through the LINE messaging app. Based in Japan, LINE has more than 84 million active users. BitMax is the first crypto asset exchange in Japan to offer LINK. With the introduction of LINK, BitMax now supports six crypto assets: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), and LINK (LN).
LINK (LN) should not be confused with LINK (LINK), the token for the decentralized oracle network Chainlink.
LINK (LN) was previously listed on LVC’s U.S. exchange Bitfront, which is unavailable for Japanese traders. The LINK token was launched as a rewards incentive in 2018 for LINE’s over 84 million monthly active users. The company intends to develop a local ecosystem where LINE’s network users are rewarded in LN tokens for using decentralized apps.
Other social media platforms have also announced plans to release native digital currencies, including Telegram and Facebook. However, both companies have faced significant regulatory hurdles and are yet to launch their native crypto assets.
In October last year the US Securities and Exchange Commission (SEC) published a press release to inform the public that it had filed an emergency action and restraining order against the entities behind the $1.7 billion Telegram token sale.
The SEC alleges that Telegram Group Inc. and TON Issuer Inc. had failed to register the sale of ‘Grams,’ which the regulator considers securities. According to the press release, TON sold roughly 2.9 billion ‘Gram’ tokens to 171 investors globally, of which 39 are based in the US. As a result, the token sale violated US Securities Law.
Facebook’s proposed Libra stablecoin has also faced ongoing legal scrutiny from U.S. and global lawmakers. The European Central Bank (ECB), alongside French and German regulators, have criticized Libra, stating that it represents a threat to the financial sovereignty of nations. In response, the Libra Association has committed to working with regulators and still hopes to launch this year.