RATE Group | Line just launched a cryptocurrency, but Japanese customers can’t use it — Quartz
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Line just launched a cryptocurrency, but Japanese customers can’t use it — Quartz

02 Sep Line just launched a cryptocurrency, but Japanese customers can’t use it — Quartz

Posted at 13:33h in Cryptocurrency News by

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Line Corporation, a Japanese messaging app company whose shares trade on the Tokyo Stock Exchange and the NYSE, on Friday announced the launch of its own blockchain network (Link chain) and cryptocurrency (Link). The $11 billion company has the built-in customer base that most digital currency startups can only dream about. By some estimates, it boasts nearly 200 million users—and it didn’t even conduct an ICO.

Unfortunately, licensing requirements will prevent Line’s customers in Japan and the US from actually using its new currency, at least initially. Since 75 million of Line’s monthly active users are located in Japan, this could undermine the benefits of its large customer base.

Line plans to exclusively list Link tokens on its cryptocurrency exchange, BitBox, which opened in Singapore (paywall) in July. However, the exchange, which only facilitates crypto-to-crypto trade, still requires approval from Japan’s financial regulator, the Financial Services Agency….

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