Japanese Messaging Giant LINE to Test Crypto Payments Option for Online Merchants

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Japanese Messaging Giant LINE to Test Crypto Payments Option for Online Merchants
Japanese Messaging Giant LINE to Test Crypto Payments Option for Online Merchants

Last year, a lot of companies adopted crypto payment options as a means of payment. LINE recently announced it will begin testing its crypto payment option.

LINE to Trial Crypto Payment Option for its Online Merchants

According to an announcement on February 8, LINE Corporation – a Japanese messaging giant will begin testing its native token for payment at select merchants via its messaging app.

LINE Pay, operator of the company’s digital wallet and fintech services, will be responsible for connecting LINE’s LINK (LN) token (not to be confused with ChainLink’s LINK token) to its payment solutions.

LINE stated that its goal is to expand users’ payment options, increase convenience and increase real-life usage for LINK. This is the messaging giant’s first major push to boost its crypto efforts since 2020.

The company said the trial period, which will run from March 16 to December 26, will allow customers to use LINK at LINE Pay online retailers in the same way they redeem LINE points. The company’s blockchain network is used for trials.

As of Q3 2020, LINE’s messaging app had approximately 84 million monthly active users in its home market, or approximately 66% of Japan’s total population.

The company has quietly expanded its payment infrastructure since the launch of its native token in 2018.

Last year, LVC, LINE’s cryptocurrency exchange operator and blockchain division, launched a cryptocurrency lending service that allows users to lend Bitcoin and other cryptocurrencies to the BITMAX exchange for rent.

According to CoinGecko, as at the time of writing, LN is trading at $150.3, up 29.0% in seven days with a market cap of $867.8 million.