LINE continues to persevere! Introducing blockchain development platform, BITMAX wallet, and incorporating LINK token economy.

The communication software giant LINE has made progress in the blockchain field. In addition to developing the blockchain wallet "BITMAX Wallet," it has also launched the blockchain development platform "LINE Blockchain Developers." Besides issuing tokens, it also allows designing DApps, mainly for integrating token economics into existing services.

What has LINE been doing in the blockchain space?

In April 2018, LINE established the LINE Blockchain Lab team to develop its proprietary LINE Blockchain (formerly known as LINK Chain) and issued the cryptocurrency LINK (LN).

In July of the same year, it launched the BITBOX exchange (crypto-to-crypto trading) in Singapore, but did not particularly excel in overall operations. In September 2019, LINE introduced its second exchange, BITMAX (fiat trading), in Japan.

BITMAX obtained operating approval from the Japanese Financial Services Agency (FSA), allowing Japanese users to directly buy and sell cryptocurrencies with linked bank accounts and conduct transactions through LINE Pay. On the other hand, BITBOX obtained an operating license from the United States and has since been rebranded as "BITFRONT" and launched in the U.S.

LINE Blockchain Developers

In an announcement, LINE pointed out that while blockchain has enormous potential, the costs and complexity involved in its construction make it difficult to promote actual applications and adoption. Therefore, LINE decided to provide a simple and effective way for developers to create blockchain applications, launching LINE Blockchain Developers.

Through this platform, developers can issue tokens, tokenize in-game digital assets, and verify transaction histories on the blockchain explorer LINE Blockchain Explorer.

BITMAX Wallet

Blockchain wallets have not progressed ideally in user experience, including overly complicated procedures like private keys and mnemonic phrases. The BITMAX Wallet allows users to log in using their LINE accounts, but currently, it is only available to users in Japan. Moreover, incidents of LINE account theft are not uncommon, posing potential risks if integrated with cryptocurrency assets.

Perhaps due to the lack of a need for blockchain in its core business, LINE's development in the blockchain field seems somewhat perplexing, especially after the launch of the BITBOX exchange, which has since fallen silent, resembling a launch for the sake of launching. The development of the cryptocurrency LINK (LN) has also been slow to integrate with its own applications.

However, with its existing user base, LINE's introduction of exchanges like BITFRONT and BITMAX in the U.S. and Japan may be a step in the right direction. Yet, without strengthening its marketing efforts, its presence may still remain relatively low. For example, the mainstream Japanese exchange Bitflyer enlisted Nogizaka46 member Saito Asuka as a spokesperson, targeting the younger market.

On the 6th of this month, LINE emphasized in its official Blog that the LINK token will become part of the token economy, rewarding users for their contributions to various DApps. LINE is currently in talks with DApps and third-party service providers, with 8 billion of the total 10 billion LINK tokens allocated for rewarding users of LINE services and the remaining 2 billion held as reserve assets.