The Japanese social network Line (with more than 700 million users) has announced that it will start trading its own digital currency in April 2020.
Link – this is the name of the company’s currency and it has existed since 2018, however, due to the peculiarities of regulation within the country, it has not been traded either in its native Japanese market or in the American one.
Meanwhile, the company launched its own exchange called BITBOX, which allows users outside of these two countries to buy cryptocurrency and trade it. However, it was not able to break into the top 100 exchanges, its daily trading turnover is $ 7.6 million, and they were provided by trading between bitcoins and Ethereum.
Last year, Line launched another Bitmax exchange, which has turned into a popular application for the company.
It seems that in 2020, the trading platform ensured compliance with the standards of the Japan Virtual Currency Exchange Association, which allowed it to conduct tenders in the country.
Line’s desire to create a digital token marks a broad trend, according to which social networks seek to create their own currency.
Both Telegram and Facebook are actively trying to launch their own digital currencies. Despite the fact that the messenger created by the Russian programmer managed to raise more than a billion dollars during a closed token sale, the project is faced with regulatory barriers. According to the latest news, the project plans to launch a stand-alone application, which lags behind the already achieved Line progress.
The situation with Facebook is not much better. In addition to claims and distrust from the legislators, the Libra Association created by the project continues to lose large and famous members. The telecommunications giant Vodafone was the most recent member of the Association.