Japan’s Chat Giant Line Launches BITBOX Exchange in Singapore
Line Corp., announced the launch of its cryptocurrency exchange BITBOX in Singapore. The trading platform has been live since early morning UTC on Monday and offers only crypto trading.
It will be operated by Line Tech Plus, a company based in Singapore, under Line and LVC Corp., a subsidiary of the Line Group that focuses on cryptocurrency and blockchain businesses.
BITBOX will not deal with fiat money and will only cover token-to-token trading. It will be offered in 15 languages for international users, except the US and Japan.
According to Line, BitBox currently manages 30 or more cryptocurrencies, including Bitcoin, Ethereum, Bitcoincash and Litecoin, selected through a “rigorous review by a listing committee composed of experts.”
Whether or not BITBOX will succeed in leveraging the 200 million monthly active users currently using the Line messaging app is really up in the air. Line Pay had the considerable advantage of being fully integrated with the messenger.
For security, BitGo, a major player in institutional-grade cryptocurrency security has partnered with Line to offer an institutional grade and multi-coin wallet that removes any single point of failure, ensuring the security of one’s assets.
According to a statement by Line CEO Takeshi Idezawa:
“Line has built its reputation on providing a great social experience for our users, and now we intend to bring that know-how to the world of digital tokens with our BitBox exchange.” “With BitBox, we intend to have an exchange that is easier to use, while also ensuring we provide extremely strong levels of security.”
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