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Large Japanese messaging app LINE will test crypto payments for online merchants

  • LINE plans to expand the use of its native cryptocurrency, LINK (LN), by experimenting with the token’s use in payments through its messaging app.
  • LINE Pay will begin testing LINK payments with a few retailers through its chat app.
  • The trial will run from March to December on LINE’s blockchain network.

A subsidiary of LINE Corporation, a Japanese messaging behemoth, will begin testing its native token for use in payments to chosen businesses via its messaging app.

According to a statement released Tuesday, LINE Pay, the company’s digital wallet and financial services operator, will be charged with linking LINE’s LINK (LN) token (not to be confused with ChainLink’s LINK token) with its payment solution.

LINE’s goal for LINK is to expand users’ “payment options, increase convenience, and grow real-life usages,” according to the company. It’s the first time the messaging behemoth has made significant efforts to advance its crypto efforts since 2020.

Customers will be able to use LINK at LINE Pay online merchants in the same way that LINE Points are transacted during the trials, which will run from March 16 to December 26. The trial will be conducted on the company’s blockchain network.

In its local market, LINE’s messaging app had over 84 million monthly active users as of Q3 2020, accounting for roughly 66 percent of Japan’s total population.

After introducing its native token in 2018, the company has been discreetly establishing its payment infrastructure.

LVC, LINE’s crypto exchange and blockchain business branch, launched a crypto lending service last year, allowing customers to lend bitcoin and other cryptocurrencies to its BITMAX exchange in exchange for a rental charge.

According to data from source CoinGecko, LN, which has a market valuation of $867.8 million, is changing hands for $144.2 and is up 23.8 percent over the last seven days.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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