Japanese messaging app LINE will offer a trial of its native token starting in March

Users of Japanese messaging giant LINE will soon be able to pay at select online merchants using the app’s native token in a limited trial.

In a statement on Tuesday, LINE Corporation said that starting March 16, users will have the option to spend the native LINK token (LN) — not to be confused with Chainlink (LINK) — at any online merchant on LINE Pay — make a payment. The trial period, which will last until December 26, is designed to test the coin in real-world usage, in addition to increasing convenience and payment options for users.

LINE Pay said that in addition to strengthening cooperation with blockchain companies, the company is considering adding other cryptocurrencies such as bitcoin and ethereum to its payment options in the future. As of the third quarter of 2020, LINE had 86 million monthly active users, accounting for more than 68 percent of Japan's 126 million population, according to Statista.

Launched in August 2018, the LN token is currently trading at $142.78, up about 22% in the past seven days. The coin is already tradable on cryptocurrency exchange Bitmax following an agreement in August 2020. By the end of 2021, 30 cryptocurrency exchanges operating in Japan received approval from the country’s Financial Services Agency.

In November, a consortium of Japanese financial institutions and large corporations announced that it planned to pilot and launch a yen-based digital currency in fiscal 2022. The Bank of Japan is still in the research phase of developing a digital yen and is expected to complete its first trials in March.



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