The Japanese social network Line, which has more than 700 million users, announced that it will start trading its own digital currency in Japan from April 2020.
The company's digital currency, called Link, has been in use since 2018, but due to Japanese regulations, it is not available in its native Japanese market and in the United States.
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Since then, the company has launched its own trading platform, BITBOX, allowing users outside these two regions to buy and trade cryptocurrencies. However, it failed to enter the top 100 exchanges, ranking only 120 in CoinMarketCap. Of the $ 7.6 million in daily trading volume on the exchange, the vast majority are transactions between Bitcoin and Ethereum.
By 2020, it appears to have reached the standards of the Japan Virtual Currency Exchange Association, allowing transactions in Japan.
Specific details have not been announced. It is reported that a new statement will be issued in the near future.
Line's attempt to create digital tokens marks a broader trend: social media wants to provide its own currency.
Both Telegram and Facebook are actively trying to launch their own currencies, both with twists and turns. Although Russian social media network Telegram managed to raise more than $ 1 billion for its token, it has been plagued by regulatory issues. The latest news is that it plans to launch a standalone app, which may cause it to lag behind Line's progress.
Facebook's performance is not much better, and many members of the Libra Association have left the project. The most recent example is telecommunications giant Vodafone.
It looks like Line has won the game. But will it be the first social network to build digital currency and connect it to a base of millions of users? Still unknown.