Japanese messaging giant, Line Corp. has reportedly shut down its Singaporean cryptocurrency exchange, BITBOX and at the same time, has launched a new global platform, BITFRONT.
Line Corp. Shuts Down
In a public announcement updated on their blog site, Line Corp. announces that it has shut down its Singaporean exchange BITBOX. This news comes following the company’s acquisition of a license to operate a cryptocurrency exchange in the United States.
As part of the continuing expansion of the LINE token economy, the operations of a new global platform BITFRONT will begin soon. BITFRONT operates as a subsidiary of Line Corp by LVC USA, a subsidiary of LVC Corporation. It provides a fiat-to-crypto and crypto-to-crypto market for the U.S. dollar.
BITFRONT Becomes the Main Digital Currency Exchange for Messaging Giant
BITFRONT will become the main digital currency exchange platform for LINE’s token economy. Previously, LINE operated the global digital asset exchange BITBOX, a crypto-to-crypto exchange based in Singapore. Now, however, LINE has decided to expand its services and become a full-fledged exchange that includes fiat-to-crypto markets, aiming to spur the usage of blockchain by lowering the barriers to cryptocurrency adoption.
With the aim of using innovation to overcome traditional financial barriers, BITFRONT promises extensive security and industry know-how built on LINE’s years of experience as a major global service.
By linking other exchanges and order books, BITFRONT provides deep liquidity and ensures a tight bid-ask spread. In addition, users will be able to trade in U.S. dollars by linking their bank account.
At the moment, BITFRONT supports five major cryptocurrencies, including LINE’s digital currency LINK, Bitcoin, Ethereum, Bitcoin Cash and Tether, in 15 languages. Furthermore, BITFRONT provides a range of customized features to ensure a convenient trading experience.
“This is a major leap toward achieving the mass adoption of blockchain,” said Youngsu Ko, CEO of LVC Corporation. “As the most trusted global digital currency exchange, we will continue to make blockchain and cryptocurrency more accessible to our users.”