The Japanese firm which runs the instant messaging app Line has recently announced the launch of a new cryptocurrency called LINK. It is predicted that the app’s large user base will lead to the mainstream adoption of LINK; an issue which Bitcoin and other cryptocurrencies are yet to crack.
Line Corporation, a subsidiary of Narver, will issue 1 billion LINK tokens, 200 million of which will be kept as reserves by the company. The remaining 800 million tokens will be distributed amongst users as payment for using the company’s blockchain-based apps (known as dApps).
The launch of LINK will differ from that of other cryptocurrencies which have previously relied on an Initial Coin Offering (ICO) in order to raise funds necessary for development and expansion. LINK will utilise a reward system which allocates tokens to users who use specific services with the Line ecosystem.
Line CEO Takeshi Idezawa has commented on this system, stating that it will incentivise users to adopt the new cryptocurrency, as well as related apps and services which support it.
Idezawa released the following statement:
“Over the last seven years, Line was able to grow into a global service because of our users, and now with Link, we wanted to build a user-friendly reward system that gives back to our users.”
The firm is currently awaiting authorisation from the Japanese regulatory authorities in order for users to be able to deposit, withdraw, transfer and exchange LINK tokens, as well as be able to trade LINK with other cryptocurrencies.
Expert Digital Currency Advice Solicitors, London
Selachii is a dynamic law firm based in Kensington, London. We have specialist knowledge of the law which relates to digital currency, allowing us to offer the best legal assistance to our clients. Working with both businesses as well as individuals, our team of experts provide tailored and unique advice. To speak to one of our professional solicitors about a consultation, complete our online enquiry form and a member of our team will get back to you right away.
