Japan’s Line to Unveil Bitbox Cryptocurrency Exchange
Plans are underway for Japan’s messaging giant Line to launch its cryptocurrency exchange next month in Singapore. The messaging group has declared its intention to wade into the fiscal services industry even as it positions itself to compete against other messaging apps like WeChat and WhatsApp.
Line Messenger's 200 million active users
The Line messenger company currently has approximately 200 million active users even as it plans to join Telegram and a myriad of other social apps who have joined the crypto market. It also intends to invest in blockchain, the virtual ledger technology. Its exchange, named Bitbox, will provide over thirty cryptos at a fee of 0.1%.
So far, Asia has cemented itself as a center for cryptocurrencies, even though recent attacks have forced regulators to aim at trading Bitcoin as well as other digital assets. Early this year, Line applied to Japan’s Financial Services Agency to be granted a license to run a digital coinage exchange. This was however delayed following an attack experienced by another exchange.
The Big Loss
The attack led to the loss of over $500m funds belonging to investors, being one of the major heists in the nation’s history. This resulted into doubts regarding the security of the exchanges in the nation, which holds millions of dollars of investors’ money.
Already, Line has made an application to work in the United States, even though the company decided to launch Bitbox in Singapore as a result of the presence of a kindlier supervisory atmosphere. The company plans to offer the service through a website, though it will be linked to an app in the near future.
Line already provides a payment service to over forty million users via its app. In this regard, the company is looking forward to increase its operations in fintech. This is following the challenges it has undergone even as it tries to enlarge its user base.