Messaging giant, LINE, has launched a crypto wallet for users which enables them to manage and control their digital assets. The new crypto wallet also introduces a blockchain platform. This new blockchain platform is excellent news for developers as they can
- generate their own tokens
- tokenize digital assets,
- run decentralized applications (dapps)
LINE’s development platform is planning to allow companies and businesses to easily and swiftly introduce the blockchain technology.
On Wednesday, the news arrived that LVC Corporation, operator of the company’s crypto and blockchain businesses, and LINE TECH PLUS PTE unveiled the platform, LINE Blockchain Developers, and BITMAX Wallet. The wallet services are now only available in Japan, where LINE is particularly very popular.
The company is developing the proprietary LINE Blockchain. In 2018, the company issued its own token LINK (LN) for trading against major crypto assets, namely Bitcoin and Ethereum.
The company established the LINE Blockchain Lab in April 2018, whose main task was to build the LINE Token Economy.
LINE’s policy towards blockchain
Though the news that LINE launched a crypto wallet came out on Wednesday, the company had put months of thought into it. Having more than 84 million users in its messaging app, Line has been following new strategies. In fact, LINE aims to leverage its current, and rich, network to initiate the development of its own token economies. In addition, LINE intends to accelerate the adoption of many dapps. Developers are going to build their dapps on this proprietary blockchain platform.
LINE is among a small group of messaging apps that have tried to develop blockchain technology and issue their own tokens; however, the company particularly stands out for the immense progress it has made so far.
Canadian messaging company Kik and Russia-originated messaging app Telegram both have lawsuits against them from the U.S. courts regarding the Securities and Exchange Commission they earned for their controversial fundraising processes called Initial Coin Offering (ICO). This all happened while Facebook’s Stablecoin project, Calibra, is on halt facing major challenges from the U.S. legal system and financial authorities.