Japan’s Chat Giant Line Officially Launches Crypto Exchange BitBox

Announcements, News | July 17, 2018 By:

Japan-based social messaging platform Line has officially launched its crypto exchange platform, BitBox.

BitBox, first announced at LINE Conference 2018 in Tokyo last month, offers only crypto-to-crypto exchange services and does not support any crypto-to-fiat trading. It currently handles nearly 30 cryptocurrencies, including bitcoin (BTC), Ripple (XRP), ethereum (ETH), Ethereum Classic (ETC), Bitcoin Cash (BCH), Bitcoin Gold (BTG), and Litecoin (LTC). The platform is available globally, with the exception of Japan and the United States.

“LINE has built its reputation on providing a great social experience for our users, and now we intend to bring that know-how to the world of digital tokens with our BitBox exchange,” said LINE CEO Takeshi Idezawa. “With BITBOX, we intend to have an exchange that is easier to use, while also ensuring we provide extremely strong levels of security.”

The first 2 million customers who register at BitBox will receive an equivalent of $10 in August that can be used for trading on the exchange. In addition, during the first month of BitBox operations, registered users will be able to trade assets with zero trading fees for all the listed tokens in the exchange.

Line also announced its partnership with BitGo, a blockchain software company that secures cryptocurrency for institutional investors. The partnership will allow Line to integrate BitGo’s enterprise-grade, multi-sig, multi-user bitcoin wallet, as well as API access to its underlying security platform.

“LINE and BitGo are both leaders in our industry and this partnership with BitBox is an important step in bringing institutional investors the security, compliance, and custodial solutions they need,” said BitGo CEO Mike Belshe. “LINE has an established history of success in the global market. Together BitBox and BitGo are committed to providing the most secure and reliable user experience in the digital token ecosystem.”

The BitBox exchange launch is part of a wide range of finance-related initiatives from LINE as it seeks to become a leader in the FinTech business. The company recently established a new company called Line Financial Corporation to expand the financial services offered to users. It also announced plans to develop a custom blockchain to accelerate the development of decentralized apps (dApps) for its platform.