Japan’s Chat Giant Line To Launch Crypto Exchange In July

Announcements, News | June 29, 2018 By:

Japan-based social messaging platform Line is planning to launch it own cryptocurrency exchange next month.

Called BitBox, the new crypto exchange will be run by Line Tech Plus, a Singapore-based company under both Line Corporation and LVC Corporation. The exchange will be available globally except in Japan and the US. The decision to exclude Japan is not surprising given the recent regulatory crackdown in the country.

“The service is not intended for residents of Japan, Japanese nationals residing outside Japan and residents of the US,” the company said. IP addresses, telephone numbers and know your customer (KYC) will be used to preclude unintended users.”

BitBox will handle 30 or more cryptocurrencies, including bitcoin, ethereum, Bitcoin Cash, and Litecoin, and will support 15 languages. The company said the cryptocurrencies were chosen “through a rigorous review by a listing committee composed of experts.” However, the new exchange will only allow crypto-to-crypto trading with no exchange between fiat currency and cryptocurrencies.

“LINE will continue to transform all users’ financial experience by providing friendly and innovative financial services to close the distance between people and money,” the company said. “As the society heads toward cashless and wallet-less future, LINE will be actively involved in undertaking initiatives and creating systems to accelerate the development of its businesses and reinforce its services as it strives to become a leader in the FinTech business.”

The move came after Line announced the establishment of 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.