The popular Japanese messaging app Line has launched a Link (LN) token rewards program.
This is not Chainlink's well-known LINK token, but a token of the same name issued by Chainlink itself Line, which is present in the cryptocurrency markets with the ticker LN.
In fact, in August 2018, Line launched a proprietary mainnet with its native cryptocurrency: Link (LN).
Line has more than 84 million users in Japan and distribute LN rewards to those who use its digital services.
Users will be rewarded by linking their accounts to the three mobile applications of the company, namely, LINE Pay (remittances and payments), LINE Securities (investments) and LINE Score (credit rating).
The LN token rewards program was launched on September 18, and ten thousand users with credit cards issued by LINE Pay will receive LN tokens worth 2,000 yen each, equivalent to approximately US $ 20.
Users who open an account and complete a questionnaire on LINE Securities will receive LN tokens worth up to 500 yen.
Once the LN tokens are received, the users can also immediately convert them to fiat currency using the company's cryptocurrency exchange, LINE Bitmax.
The price of the Line token
Following the news of the launch of this program on September 18, the price of the LN token increased by 26%, from $ 15 to $ 19 in just three hours, but then fell to $ 17 in the following hours, and finally fell to the current $ 12 in the following days.
At the time of its placement in the cryptocurrency markets, the LN token was worth $ 4, so it is still in clear positive territory since then, reaching a high of $ 31 on August 15.
However, this peak is likely due to the confusion with Chainlink's LINK token, which reached its absolute peak between August 15 and 16.
Line, which is somehow the Japanese equivalent of WhatsApp or WeChat, has been active in the cryptocurrency sector for at least two years. It launched its own proprietary blockchain, wallet, exchange, and created an in-house research lab to develop decentralized applications (dApps) based on its own blockchain, with a developer platform.
The goal is to encourage your users to use LN tokens as a payment method, for example to increase their utility.