Japan: Messaging Giant LINE Launches Trading of Its LINK Token on Native Exchange

Japanese messaging app provider LINE Corporation announced that its newly-developed LINK (LN) token is now tradeable on its native BITBOX cryptocurrency exchange in a press release Tuesday, October 16.

LINE, which launched BITBOX in July, will offer trading against three cryptocurrency assets – Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) – out of a total of thirty currently available on the exchange. BITBOX does not offer fiat trading.

In future, LN holders will be able to spend their holdings in LINE’s decentralized application (DApp) system, also currently under development, the press release notes.

“We’re very pleased that users are now able to trade LN on BITBOX, which is a major step forward in our plans for creating a token economy,” LINE CEO Takeshi Idezawa commented in the release, continuing:

“We think it is important to promote co-creation and mutual growth with LINK, while ensuring BITBOX continues to develop as a user-friendly platform that adds value to those who use it and contribute to our services.”

Along with promotional activities such as an airdrop of TRON (TRX) tokens for LN holders, the move marks the latest step in the company’s continued efforts to embrace the crypto economy.

As Cointelegraph reported in August, LINE’s Hong Kong-based subsidiary Unblock launched a $10 million “corporate token fund” with the aim of “boosting the development and adoption of cryptocurrencies and blockchain technology.”

Separately, internet conglomerate GMO Internet Co. Ltd revealed plans earlier this month to launch a cryptocurrency stablecoin pegged to the Japanese yen.

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Chinese Social Network Tianya is Launching a Native Cryptocurrency


The Tianya Community in China, a social network of 130 million users that seeks to create the country’s most influential platform for content and knowledge creation, has announced a blockchain based initiative to rebuild its ecosystem.

The new ecosystem will launch on Aug. 8 and will make use of a blockchain based token, TYT, according to a recently posted notice to the community.

Redesign Inititative

The Tianya Community has achieved rapid growth in just a few years with its “netizen” self-organizing model, the notice stated. The community, following six months of research and design, has deployed blockchain technology to rebuild its ecosystem to allow each citizen to participate in the community’s self governance.

The Tianya Community is one of several projects of Tianya Community Network Technology Co., Ltd., a service platform founded in 1999 in Hainan, China, and has branches throughout China and Singapore, as well as the United States.

The Tianya Token (TYT) will be the only accounting vouchers under the new ecosystem. There will be a limit of 90 billion tokens. Users will receive tokens based on their contributions to the community.

The tokens will primarily be used to complete transactions within the community.
The community will reserve 20% of TYT for team incentives, as well as promoting the operation and ecological development.

Eighty percent of the TYT will be allocated for community behavior rewards. Users will be rewarded for participating in governance and creating content. The release of tokens will be reduced every year over a 20-year period.

The notice includes an explanation of the rules by which tokens will be released to participants.

Also read: Chinese crypto giant Huobi launches billion-dollar blockchain fund

Huobi Labs Lends Its Support

Huobi Labs, a blockchain incubator that is part of the Huobi cryptocurrenecy exchange, signed an agreement with the Tianya Community in May to build a “Global Cultural and Creative Blockchain Lab” in Hainan Province. Huobi Labs also launched a billion-dollar industry fund to support the blockchain industry globally.

The Chinese government, meanwhile, under its “new era of Chinese socialism characteristics,” has provided the Hainan Special Economic Zone a mission of economic reformation. The national strategy was planned, deployed and promoted by President Xi Jiping.

Featured image from Shutterstock.

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