Users of Japanese messaging giant LINE will soon be able to use the app’s native token to pay at select online merchants in a limited trial.
In a statement on Tuesday, LINE Corporation said that starting March 16, users will have the option to spend their native LINK token (LN) — not to be confused with Chainlink (LINK) — at any of LINE Pay’s online merchants — Make a payment. The trial period, which will last until December 26, is designed to test the real-world usage of the tokens, in addition to improving convenience and payment options for users.
Source: Mikhail Nilov, Pexels
LINE Pay said that in addition to strengthening cooperation with blockchain companies, the company is considering adding other cryptocurrencies such as bitcoin and ethereum to its payment options in the future. As of the third quarter of 2020, LINE had 86 million monthly active users, accounting for more than 68% of Japan's 126 million population, according to Statista.
Launched in August 2018, the LN token is currently trading at $142.78, up around 22% over the past seven days. Following an agreement in August 2020, the token is already tradable on the cryptocurrency exchange Bitmax. By the end of 2021, 30 cryptocurrency exchanges operating in Japan have been approved by the country's Financial Services Agency.
Last November, a consortium of Japanese financial institutions and major corporations announced plans to trial and launch a yen-based digital currency by fiscal 2022. The BOJ is still in the research phase of developing a digital yen and is expected to complete its first trials in March.
Cointelegraph Chinese is a blockchain news information platform, and the information provided only represents the author's personal opinion, has nothing to do with the position of the Cointelegraph Chinese platform, and does not constitute any investment and financial advice. Readers are requested to establish correct currency concepts and investment concepts, and earnestly raise risk awareness.
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