LINE With Over 81 Million Domestic Users Launches Trading Service “BITMAX” in Japan for Top 5 Cryptos

BITMAX, a virtual currency trading service can now be accessed from the “LINE Wallet” tab on LINE as it launches its service in the domestic market, Japan on Sept. 17, LINE announced on Tuesday.

LINE has more than 81 million monthly users in Japan and 164 million in four major countries. This new service initially supports top five digital currencies including Bitcoin (BTC) Ethereum (ETC), XRP, Bitcoin Cash (BCH), and Litecoin (LTC).

Deposits and withdrawals through digital wallet LINE Pay are also available.

This virtual trading service is different from LINE’s global, except for Japan and the US, cryptocurrency exchange BITBOX, that the company announced last year in cooperation with blockchain security giant BitGo, LINE clarified.

Crypto trading service for domestic market

Through LINE Pay, BITMAX allows quick deposit and withdrawal of Japnese yen and further shortens the identity verification process for the users that are already LINE Pay verified.

Furthermore, it enables the users to make small transactions of 1,000 yen (just over $9) or less.

To provide safe and secure services to its domestic market, the company will use the wallet of BitGo. If you have a LINE account, are between the ages of 20 to 75 years and a Japanese resident, you can avail the trading services of BITMAX.

In order to use BITMAX, users will have to go to LINE Wallet and begin the registration process. After identity verification confirmation — bank account registration and identification confirmation, simple identity confirmation with smartphone and identification by mail — one would be able to trade.

While registering and buying and selling of virtual currency is free of charge, there is a fee for deposits and withdrawals in Japanese yen and virtual currencies.