Japan’s Line Pay to Add Native Crypto Token LINK as Payment Option at Select Digital Merchants


Line Corporation has decided to try out real use cases of its native crypto token called LINK (LN). The messaging and digital payment services company will allow its users to pay in LINK tokens to select online merchants. The new option will be on trial for nine months from March 16 to December 26, 2022. Line aims to expand its offerings under online payment options with its native tokens before adding cryptocurrencies like bitcoin and ether to its list.

The company confirmed the development with an official statement released on Tuesday, February 8.

“During the trial run, users will be able to use the link at Line Pay online merchants just like Line Points, without any commission charges. By linking LINK to Line Pay as a payment solution, Line Pay aims to expand users’ payment options, enhance convenience and increase real-life usage for Linq.” said Tokyo headquartered company.

The LINK (LN) crypto token was first launched in August 2018. According to CoinMarketCap, the token is currently trading at $145 (approximately Rs 10,850) and has a current circulating supply of 5,975,799 LN coins. At the time of this writing, it had a market cap of $866,479,592 (approximately Rs.6,480 crore).

Line’s native token LINK, also spelled LN, is not the same as other altcoins chain linkWhich is denoted by the abbreviation LINK.

Line Corporation is seeking market use surety on its native token before diving deeper into its crypto payment plans that aim to include Bitcoin And ether among other crypto assets as payment options.

There are crypto-related activities not restricted In Japan where bitcoin and other digital currencies are recognized as legal assets, they are mainly regulated by the Payment Services Act (PSA).

A 2021 report by Japan Virtual and Crypto Asset Exchange Association (JVCEA) claimed that the country’s virtual currency deposits hit a record high in March 2021, reaching nearly US$13 billion and seven times higher than crypto deposits recorded in Japan in March 2020.

Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information in this article is not intended to be financial advice, business advice or any kind of advice or recommendation given or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any alleged recommendation, forecast or any other information contained in the article.

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