GMT token rises by 10% following the partnership between STEPN and LINE

What’s new? Find Satoshi Lab, a developer of blockchain game STEPN, and LINE, a Japanese corporation that created the messenger of the same name, entered into a memorandum of understanding (MOU). The partnership aims to develop STEPN using LINE’s own blockchain, as well as to localize and develop the application in the Japanese market. Following the announcement of the partnership, the STEPN project’s governance token, GMT, rose by 10% to $1,05. As of August 9, 12:05 UTC, the asset is trading at $0,998, according to the Binance exchange.

News on the LINE website

Partnership details. The parties intend to improve the quality of interaction with LINE users through Web 3.0 technologies, as well as to promote a healthy lifestyle by expanding STEPN’s presence in the Japanese market and promoting initiatives aimed at protecting the environment and in particular reducing carbon emissions. STEPN co-founder Yawn Rong emphasized that Japan is one of the most important markets for the app.

Starting on July 15, STEPN stopped providing GPS services to users in mainland China. Users can no longer earn tokens as the app tracks physical activity and movements. The decision is probably because Chinese authorities made all financial activity related to cryptocurrencies illegal.

On July 12, the STEPN team announced that it would spend $6,125 million to buy back and burn GMT. Another part of the profit from commission for the second quarter of 2022 would go towards improving the platform’s security and server capacity, as well as consulting for the launch of its own decentralized exchange, DOOAR.

In STEPN, users can earn on their physical activity by buying virtual sneakers in the form of NFT. In-game payments are made in GST tokens, and GMTtokens are used to govern the project. As of July 15, 2022, the app had 4,5 million users worldwide.

LINE Corporation is a communications company founded in 2000. Its core businesses include mobile technologies, fintech, and artificial intelligence. The company’s capital as of March 31, 2021, was 34,2 billion Japanese yen (~$253 million at the current rate).