Messaging App Line to Launch Cryptocurrency Link in Japan Next April

Messaging App Line has announced that its cryptocurrency LVC Corporation will roll out its cryptocurrency Link in Japan next April.

Line had started trading on its multinational cryptocurrency exchange BitBox in mid-October 2018, and will debut its new cryptocurrency in Japan next April.

The platform allows its users to access a large number of utilities and decentralized apps.

Line is not the only social media company to establish its own cryptoeconomy.

Kik and Telegram are currently struggling with the US Securities and Exchange Commission (SEC) in legal battles over the possible selling of unregistered securities to U.S. citizens.

Kik has recently requested the market watchdog to set a trial date for its lawsuit.

Cryptolydian earlier reported that the SEC continued its battle against the popular messaging company Telegram, stating “its Gram token worth less than donuts.”

The regulator has argued in a memo filed to New York Southern District Court:

“Telegram offered and sold Grams as securities when it promised to deliver them in exchange for funds pursuant to the Purchase Agreements. That reality will not have changed if the Court permits Telegram to deliver Grams to the Initial Purchasers as part of a broad public distribution, which is in violation of Section 5, and which the Court should enjoin”.

The court ordered the messenger service company to submit its banking statements to SEC by February 26.

The order came after SEC requested the court to force Telegram to submit some documents related to the sale of its Gram token sale, though which the company raised $1.7 billion.

The regulator considered the sale as an unregistered offering, while the messenger service company claimed an exemption from US regulations to register such offering.

Meanwhile, Ueli Maurer, Switzerland’s President, earlier commented on Facebook’s cryptocurrency Libra, saying that it has failed in its current form and should be amended before being submitted for regulatory approval.

Libra is planned to be supported by bank deposits and government debt, and held by a group of custodians.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.