LINE, The Messaging Giant Announces Global Crypto Exchange, U.S. & Japan Excluded

BITBOX cryptocurrency exchange from LINE, Japanese messaging app has been announced to launch in July with support for 30 coins including bitcoin.

In an announcement on Thursday, LINE revealed that BITBOX would only support crypto-to-crypto trading with no exchange between fiat currency and cryptocurrencies.

line LINE, The Messaging Giant Announces Global Crypto Exchange, U.S. & Japan Excluded Screenshot 2018 06 28 18
LINE’s Official Statement

 

BITBOX – LINE IN CRYPTOCURRENCY

LINE is Japan’s biggest messaging service used by some 70 million active Japanese users. The app is also popular in other regional Asian nations including Thailand.

The exchange platform will be available in 15 languages excluding Japanese and Thai. 

At launch, the exchange will support 30 coins including Bitcoin, Ethereum, Bitcoin Cash and Litecoin, all of which, as per LINE, were selected following a ‘rigorous review by a listing committee composed of experts’. The exchange will also assume a trading spread of 0.1% for transactions, with zero-commission trading offered to users for a month from launch.

Most notably, BITBOX is excluding Japanese nationals – both residents and citizens living outside Japan – and US residents.

LINE TO COMPETE IN FINANCIAL SECTOR?

LINE had earlier revealed that it had filed an application with the Financial Services Agency (FSA), Japan’s financial regulator to register and launch a cryptocurrency. The application seems to be under review as of now but the decision to exclude Japan and U.S. may indicate regulatory obstructions and hurdles.

LINE’s moves into cryptocurrency seems to be part of a wider plan under the newly formed financial entity called LINE Financial. LINE has previously launched a popular mobile remittance and payments service LINE Pay, a service embedded in LINE’s messaging app. Line Pay topped 40 million global registered users in 2017 who transacted over ¥450 billion ($4.1 billion) using the platform.

LINE joins a growing list of major Japanese corporations including the Mitsubishi UFJ Financial Group(MUFG), financial services giant SBI and Yahoo! Japan to make moves toward cryptocurrency sector.

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