LINE social network in Japan announced that they will launch a cryptocurrency exchange called BITBOX. LINE, which boasts 200 million active users monthly, confirmed in a press release that BITBOX will offer crypto-to-crypto trading “globally” excluding the U.S. and Japan. Traders on BITBOX can trade more than 30 coins, including bitcoin (BTC), ethereum (ETH) and litecoin (LTC), at a fee of 0.1% per transaction.
“With the need to trade cryptocurrencies rising around the world, LINE has been preparing to provide opportunities for users to do so securely, and as the secure system is in place now, the company will be offering the service,” a company spokesperson said during press time.
In Spring 2018, LINE partnered with ICON (ICX) to collaborate on DApp development.
15 Languages, Excluding Japanese
BITBOX will be available in 15 languages, including Korean and English. Pointedly, the platform is excluding Japanese and Thai languages. The decision to exclude Japanese and Thai appears to be due to regulatory difficulties. However, LINE social network did file an application with Japan’s Financial Services Agency (FSA) to registerand launch a cryptocurrency. The application is currently under review, so it is likely that traders will see an eventual launch in the Land of the Rising Sun.
“LINE will engage in the cryptocurrency business in compliance with rules and regulations of respective countries on cryptocurrency trading,” the spokesperson pledged.
A U.S. entry may follow, as rumors circulate the web with whispers of negotiations.
Growing Cryptocurrency Interest in Japan
Last week, Japanese regulators issued ‘Business Improvement Orders’ focusing on security to six operators. Although the Japanese cryptocurrency exchange arena continues to face major obstacles, there is continued interest in the digital technology. LINE joins a growing list of Japanese-based companies, including Mitsubishi and Yahoo!-Japan, making moves toward the cryptocurrency sector.
Japan is not alone in their focus — the world anxiously awaits the arrival of groundbreaking innovations.
Ethan is a cryptocurrency and blockchain enthusiast with a background in public relations and content marketing. He has more than six years of experience working in tech startups, ranging from dating websites to higher education. His favorite things in life are Peter (his partner) and their Scottish terrier, Watson.