Tokyo-based internet and communication giant company, LINE launched a wallet and blockchain development platform for its users yesterday
LINE is famed for its freeware application that allows instant communication for smartphones, tablets and computers. The company has also launched other products and services, such as Line TV, digital comic distribution, Line Manga & Line Webtoon, and news streaming service, Line Today.
Their latest product is the newly launched wallet, BITMAX, which will help users manage their digital assets. In addition, they have launched a new blockchain platform, which will make it easier for developers to issue their tokens, run decentralised apps and tokenize digital assets.
LINE Corporation has over 84 million users on its freeware messaging application. The company is looking to leverage this base to jumpstart the development of its token economies, as well as speed up the adoption of decentralized applications developed on its blockchain platform.
The company also issued its token, LINK, that users could use to trade for other crypto assets like Bitcoin back in 2018. Almost a year later, the company also started offering trading services through its Bitbox crypto exchange, which was later approved for a crypto business licence months later.
It is worth noting LINE is not the first internet & telecommunication company to issue its tokens or develop a blockchain platform. LINE now joins the list of a few tech companies with messaging apps that have now ventured into blockchain and crypto.
Canadian instant messaging mobile app Kik [created by Kik interactive] developed an ERC-20 cryptocurrency token called Kin in 2017. However, due to legal issues with the US Securities and Exchange Commission (SEC), Kin is yet to have a breakthrough; reportedly dropping in value by 99% in 2019.
Telegram, a cloud-based messaging and video telephony app, also had a similar fate due to the SEC when developing its ‘Gram’ token. Facebook’s Calibra Project has also been facing the same legal challenges with financial authorities and regulatory bodies.