The known tech company LINE will be introducing its own cryptocurrency known as LINE Q. The virtual token created by the company will be offered in their new application services through a blockchain platform that will be released by the first half of the current year.
LINE Prepares a Cryptocurrency
LINE, the Japanese messaging app, will motivate its users to offer answers by rewarding them with the new virtual currency. The main purpose is to attract startups to their blockchain platform.
Park Euivin, LINE CTO, stated:
“We are considering issuing tokens as compensation. We will be one of the first to introduce useful real-life services by creating an ecosystem of blockchains.”
It is important to mention that LINE will not be organizing an Initial Coin Offering (ICO). Something similar to what Telegram decided to do with its TON network and cryptocurrency. Once an important amount of funds were gathered in a private sale, the company created by Pavel Durov, decided to cancel its so awaited ICO.
Mr. Park has also commented that Google and Facebook may enter the blockchain space sooner or later.
“Even though Google is a giant company and has many technical strengths, LINE has over 200 million messenger users as well as abundant service application experience which can give us a competitive edge in the blockchain industry,” said Park.
Some months ago, LINE Corp announced that it was going to create a virtual currency exchange for its users. Back then, the company was already announcing its strategy for the future months:
“LINE will use this new company as a base as it proceeds with preparations to provide a variety of financial services, including a place to exchange and transact virtual currencies, loans, and insurance – all from the LINE app – and will continue to grow its financial business,”
reads a statement released by the company.