LINE, which runs the popular Japanese messaging app by the same name, will be opening up a cryptocurrency exchange in Singapore this July. The company is expanding its services into blockchain and cryptocurrency as a way to compete with other messaging services who are also expanding into those services.
The messaging app Line is very active one with approximately 200 million users and will soon capitalize on those numbers with a new cryptocurrency exchange. LINE Corporation (“LINE”) and LVC Corporation (“LVC”), which is a LINE group company operating its cryptocurrency and blockchain businesses, announced on June 28, 2018 the launch of a new cryptocurrency exchange its calling BITBOX. It will be available globally except in the US and Japan for the time being.
Bitbox will offer over 30 cryptocurrencies that includes the top coins in the market such as Bitcoin and Ethereum As a further incentive to get its users to join, Line will have a mere 0.1% trading fee on all transactions.
Takeshi Idezawa who serves as the CEO of Line said that with using cryptocurrency the company was going to, “take our challenge in financial services global.”
In addition to Singapore, LINE also applied for a license to operate inside the US, and it would have preferred to operate in the States to begin with, but Singapore’s laws made it much easier for the company to open there first.