Japan based social messaging app, Line is now all set to launch cryptocurrency exchange by next month. The new exchange is labeled as BitBox that allows its services to investors globally, but it is not available in US and Japan.
Japanese messaging app, Line is heading towards blockchain and crypto financial services in order to compete against other well known messaging apps like WeChat and WhatsApp. Earlier in January, the firm had planned to enter crypto industry; with the same regards Line app will be launching crypto exchange BitBox in month of July.
According to the announcement released on Thursday 06, 2018 the BitBox would offer crypto-to-crypto trading globally, but the services will not be available for the users in Japan and US. Therefore, the decision to exclude Japan from BitBox as it now appears tied to regulatory difficulties.
Moreover, at first the company had planned to set up its office in the US but later chose Singapore due to its friendly regulatory nature.
The statement reads;
“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”.
The exchange will have more than 30 cryptocurrencies including BTC, ETH and LTC at 0.1 percent trading fee. However, it is available in 15 language counting Chinese, Korean and English. According to the post, the selection of the coins has undergone an “extensive screening process” by an internal committee to allow safest and reliable trading.
Takeshi Idezawa, Line CEO said,
“With cryptocurrency, we are going to take our challenge in financial services global”.
Earlier, in April, the Line messaging app had announced that it would launch a blockchain subsidiary called ‘Unblock’ in South Korea. Also, it was to launch a platform that accepts cryptocurrencies called ‘Line Pay’. Although, none these project has come into light.