LINE Corporation’s LINK token goes live on BITBOX, instantly drops
It might be a curious example of a more market-ready crypto ecosystem.
LINE Corporation and its friendly mascots are big names in certain parts of the world, but its recently launched BITBOX exchange isn't so well known yet, with modest trade volumes of only $8.5 million in the last 24 hours.
But as of today it offers something that no other exchange can: the LINE Corporation LINK token, which launched today.
BITBOX is kicking off LINK trading with several celebratory airdrop events, starting with TRON, where LINK holders receive TRX based on the amount of their LINK holdings and TRX depositors getting LINK airdrops.
And LINK traders are kicking off the listing by selling en masse. In the couple of hours since launch, LINK token prices have dropped a solid 25%.
As they say, dumping is generally more fiscally responsible than buying immediately after a coin lands on an exchange.
So far, the LINK token can be used to pay/play on LINE's Wizball knowledge sharing app and the 4Cast prediction market app. If those sound familiar, it might be because LINE is apparently aiming to create its own centralised crypto-powered (d)app network platform and turning some of the more interesting app ideas into games for it.
The LINK token doesn't have a lot of use yet, except on those apps, but in the future it will be usable as a native token for the BITBOX exchange, where it can be used to pay exchange fees at a discount.
When used to pay these exchange fees, LINE says the LINK token will be treated as though it has a value of at least US$5, regardless of current market prices. So that might be the price floor they're aiming at.
"We're very pleased that users are now able to trade LINK on BITBOX, which is a major step forward in our plans for creating a token economy that rewards user participation," said LINE CEO Takeshi Idezawa. "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."
In the future, LINE intends for its users to be able to use LINK to pay each other and LINE itself for music, videos, general in-app money transfers, games and just about anything else on the platform.
The LINE app ecosystem might be an interesting example of one of the more ready and developed semi-centralised cryptocurrency ecosystems out there, broadly similar to what TRON seems to be aiming at, so it might be worth keeping an eye on it to see how it develops.
Disclosure: At the time of writing, the author holds ETH, IOTA, ICX, VET, XLM, BTC and ADA.
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