Japan’s Messaging Giant LINE to Trial Crypto Payments for Online Merchants

LINE is aiming to increase the usage of its native crypto LINK (LN) and will begin trialling the token’s use in payments via its messaging app

article-image

Line application icon on Apple iPhone. Credit: Shutterstock

share

key takeaways

  • LINE Pay will begin trialling payments in LINK to select merchants via its messaging app
  • The trial will take place on LINE’s blockchain network and will run from March through to December

A subsidiary of the Japan-based messaging giant LINE Corporation will begin trialing its native token for use in payments to select merchants via its messaging app.

LINE Pay, the operator of the company’s digital wallet and fintech services, will be tasked with connecting LINE’s LINK (LN) token (not to be confused with ChainLink’s LINK token) with its payment solution, according to a statement Tuesday.

LINE said it is aiming to expand users’ “payment options, increase convenience, and grow the real-life usages” for LINK. It is the first time since 2020 that the messaging giant has made significant efforts to push ahead with its crypto efforts.

Trials will commence March 16 through Dec. 26, enabling customers to use LINK at LINE Pay online merchants in the same way LINE Points are transacted, the company said. The company’s blockchain network will be used for the trial.

As of Q3 2020, LINE’s messaging app boasted roughly 84 million monthly active users in its domestic market, around 66% of Japan’s total population.

The company has been quietly building its payment infrastructure after launching its native token back in 2018.

Last year, LVC, LINE’s crypto exchange operator and blockchain business unit, debuted a crypto lending service, allowing users to lend bitcoin and other cryptos to its BITMAX exchange in return for a rental fee.

LN, whose market cap stands at $867.8 million, is changing hands for $144.2 and is up 23.8% over a seven-day period, according to data by provider CoinGecko.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

HYATT REGENCY SALT LAKE CITY

TUES, OCT. 8, 2024

Guided by the expertise of Blockworks Research Analysts team, this one day event will feature senior leaders, entrepreneurs, and developers from across the crypto industry. Attendees will have the opportunity to participate in an immersive experience to explore the latest trends, […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

hivemapper.jpeg

Research

We believe crypto market participants overlook Hivemapper’s fundamental potential due to a poor understanding of both the niche map data market and Hivemapper’s positioning relative to incumbents. Hivemapper’s token model catalyzes both a cost and product advantage via unmatched map freshness and near real-time accuracy, which is its wedge into a market characterized by stale data and high data collection costs. Its current and potential future product suite may represent one of the strongest possibilities for PMF in crypto today.

article-image

👨‍⚖️ SBF’s courtroom sequel: Plus, Coinbase’s legal loss was DeFi’s gain

article-image

Public mining companies have been acquiring sites, refreshing machine fleets and diversifying business models in preparation for the event

article-image

Exploit shows centralization can sometimes be an asset

article-image

The Fidelity Ethereum Fund, like other proposed ETH ETFs, seeks to stake a portion of its assets, according to the firm’s Wednesday registration statement

article-image

The DAO first voted on enabling SAFE transfers over a year ago