Japanese messaging app LINE set to accept payment in its native token LINK (LN)

Beginning in March, users of the Japanese messaging platform LINE will be able to pay with the app’s native token at select online businesses. The corporation is also considering future payment options including BTC and ETH.
Japanese messaging app LINE set to accept payment in its native token LINK (LN)

The LINE Corporation said on Tuesday that beginning March 16, users will be able to pay using native LINK token (LN) not to be confused with Chainlink (LINK) at any of LINE Pay’s online retailers.

The trial phase, which will last through December 26, will be used to test real-world use cases for the tokens as well as expand the number of payment methods available to consumers.

LINE Pay said it was exploring adding more cryptocurrencies to its payment choices in the future, such as Bitcoin (BTC) and Ether (ETH), as well as boosting its ties with blockchain enterprises.

According to Statista, there were 86 million monthly active LINE users in the third quarter of 2020, accounting for more than 68 percent of the country’s 126 million people.

The LN coin, which was launched in August 2018, is presently selling at $142.78, up nearly 22% in the last seven days. Following an agreement in August 2020, the token was made available for trading on the cryptocurrency exchange Bitmax.

Crypto in Japan

There were 30 crypto exchange businesses operating in Japan as of the end of 2021, according to the country’s Financial Services Agency.

In November, a group of financial institutions and big enterprises in Japan announced plans to test and launch a yen-based digital currency in fiscal 2022. The Bank of Japan, the country’s central bank, is still in the research phase of producing a digital yen, with initial trials expected in March.