LINE’s Ambitious Step into Digital Payments
In an exciting move for digital payment enthusiasts, LINE Corporation has announced a limited trial allowing users to pay with its native LINK token (LN) at select online merchants. Set to kick off on March 16 and running until December 26, this trial is more than just a whim; it aims to assess real-world use cases and enhance the overall payment experience for LINE’s user base.
What’s in a Token?
Before you mix up any tokens, let’s clarify: LINE’s LN token is not to be confused with Chainlink’s LINK token. This native currency will give LINE’s vast user base—around 86 million monthly active users—the ability to make payments seamlessly. With 68% of Japan’s population using LINE, the implications are enormous.
The Rise of LN Token
Introduced in August 2018, the LN token has shown notable performance, currently trading at $142.78—up about 22% in the last week alone. It became listed on the crypto exchange Bitmax in August 2020, making it accessible to a broader audience of crypto traders.
Future Aspirations: More Tokens on the Horizon?
LINE Pay is not stopping at the LN token. The company hinted at potential future payment options involving other cryptocurrencies, including the heavyweight duo of Bitcoin (BTC) and Ether (ETH). They are also keen on strengthening alliances with blockchain firms, paving the way for a more robust crypto ecosystem.
Japan’s Crypto Landscape: One Eye on Regulations
On a broader scale, Japan’s financial landscape is evolving. As of late, the nation’s Financial Services Agency sanctioned 30 crypto exchanges, and regulators are cautiously navigating new proposals for stablecoin legislation.
In a related vein, a consortium of Japan’s financial institutions is gearing up to trial a yen-based digital currency. The Bank of Japan is still in the research phase but is expected to begin trials for a digital yen by March. Keep your eyes peeled—change is in the air!
