Japanese Messaging App, Line could secure Cryptocurrency Exchange License This Month

Elena R June 20, 2019

1 minute read

One of the largest Japan Based Messaging app – Line may soon launch cryptocurrency exchange for Japan users. According to the reports from Bloomberg, LINE is close to winning a crypto exchange license from the Japanese Financial Services Agency (FSA), which could issue the approval as early as this month.

The new exchange will be named as BitMax and will be available for 80 million Line users in Japan to buy and sell cryptocurrencies. However, the exchange shall include major cryptocurrencies such as Bitcoin, Ethereum, Litecoin including the company’s own token Link.

Moreover, BitMax is not the first exchange for Line. In fact, it also has one in Singapore – BitBox, which was launched last year for global users. Additionally, BitMax shall use similar back-end technology as BitBox.

As BitBox is not available to users in Japan due to licensing issues, it hasn’t contributed majorly to the company’s earnings. Anyways we hope BitMax could be a big boost for the company.

Recently, LINE’s digital wallet LINE Pay collaborated with Visa to build new financial services for their app customers, including blockchain-based solutions, cross-border payments, and alternative currency payments.

On the other hand, The platform is still waiting on approval for a separate banking licence in Japan. This will enable the company to integrate digital assets with its other services, such as online shopping, more deeply.

Moreover, Line is also planning to step into the financial industry. Earlier this month, co-Chief Executive Officer Shin Jung-ho claimed that :

The firm shall launch stock brokerage operations later this year with Nomura Holdings Inc. One of the largest brokers in Japan, as well as banking services next year with Mizuho Financial Group Inc.