LINE, which is one of the biggest messaging platforms in Japan, recently launched a cryptocurrency exchange. Named BITBOX, the exchange will offer support for 30 cryptocurrencies including Bitcoin.
The announcement came this Tuesday, with LINE confirming the exchange and stating that it will only support crypto-exclusive trading pairs with no trading offered between cryptocurrencies and fiat currencies.
Currently, around 30 coins are being traded – including Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin. All of them went through “a very rigorous evaluation process” by the screening communities within the exchange.
The CEO of LINE stated the following:
“LINE has built its reputation on providing a great social experience for our users, and now we intend to bring that know-how to the world of digital tokens with our BITBOX exchange.”
Right now, LINE sees more than 600 million registered users and 200 million monthly active users worldwide. As such, the exclusion of Japan will definitely have an impact on BITBOX’s growth since the country has the most influential market.
Meanwhile, LINE filed a crypto exchange application within the Financial Services Agency (FSA) in Japan earlier this year – all in order to conduct domestic operations. However, the application is still under review.
“The BitGo wallet is the only institutional-grade, multi-signature, multi-coin hot wallet.” LINE said.
The exchange (BITBOX) will offer zero trading fees for all listed coins in the first month of operations post-launch, welcoming more than 2 million registered customers with a ‘reward equivalent to US$10 in August’ which can be traded on the exchange.
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