LINE, a South Korean communications company with over 84 million users, has recently started commercialization of its own blockchain platform which was launched in July of this year. The motive is to become a development platform that allows easy access for companies to introduce blockchain technology in their system.
In August 2020, the company announced the launch of ‘LINE Blockchain Developers’. Additionally, the company also offered a BITMAX Wallet service for managing digital assets.
According to the statement, LINE created an in-house lab team in 2018 to develop Dapps driven by blockchain technology as well as research P2P network-based distributed systems and encryption technologies.
After working on a range of blockchain projects, the company developed its very own ‘LINE Blockchain’ and issued its crypto token ‘LINE’. Describing its purpose, the statement read:
“Additionally, they built an ecosystem based on LINE Blockchain, aiming to generate co-creative relationships between users and service providers under the “LINE Token Economy” concept.”