LINE, a messaging application in Japan, has just come out with a cryptocurrency exchange shortly after it received approval to do so.
This news comes to us via a press release from the company, in which they reveal that the application’s wallet tab will work with the new exchange, BITMAX. As of now, the platform will trade Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin. As of now, the platform averages around 81 million monthly users.
“LINE is making money more accessible to people around the world by developing and delivering a wide range of financial services unique to LINE,” the release reads. “As part of these efforts, the company’s Singapore-based subsidiary LINE Tech Plus PTE. LTD. has been operating the BITBOX cryptocurrency exchange since July 2018. In the leadup to BITMAX’s launch, LVC became a registered cryptocurrency exchanger under Japan’s Payment Services Act.”
The end goal here is to provide a simple way for users to participate in cryptocurrency trading, alongside other challenges in the payments securities, and investment realms.
The company’s press release details LINE’s reasoning a little further:
“In recent years, Japan has been shifting more and more towards a cashless society. At the same time, technological advances have also generated a bevy of Fintech services, changing the very way people think about money. Among these Fintech services, LINE sees the cryptocurrency industry as one with new user needs waiting to be met and the potential to deliver next-generation technological paradigms. Additionally, proof of concepts for blockchain—the core technology of cryptocurrency—have been flourishing in many different areas, demonstrating the technology’s potential to change future ecosystems and economic systems.”
Overall, BITMAX is operating with three different parts to it:
- Secure and stable trading platform
- Money transfer and payment offering
- Integration into the LINE app
The application is designed for both beginners and experts alike.