Japanese messaging app giant LINE has announced its plan to launch its cryptocurrency exchange in July.
Dubbed BITBOX, the new cryptocurrency exchange would be available globally except in Japan and the U.S. Previously, LINE had said that it has started the application process for registration as a virtual currency exchange with Japan’s Financial Services Agency (FSA). In its latest announcement, the company said that it will engage in the cryptocurrency business in the U.S. and Japan in compliance with rules and regulations of respective countries on cryptocurrency trading.
BITBOX would be able to handle at least 30 different cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), which have been selected through a “rigorous review by a listing committee composed of experts.” The platform will support 15 languages except Japanese and Thai.
Earlier this year, LINE established LVC Corporation, a LINE group company focused on cryptocurrency and blockchain businesses, as it announced its plans to enter crypto space. The new exchange platform would be made available through LINE Tech Plus, a Singapore-based company under both LINE Corporation and LVC Corporation.
“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,” LINE said.
Importantly, BITBOX would only allow the exchange of cryptocurrencies, and would not accept exchange between fiat money and cryptocurrencies.
