Technology giant Line will enter the cryptocurrency ecosystem. Japan’s leading messaging service will set up their first crypto trading platform in July of 2018. This new venture will be established in Singapore and offer token-to-token trading. Some regions will not be able to access this new platform for the foreseeable future.
Line Announces the Bitbox Exchange
For Japanese messaging giant Line, the launch of a cryptocurrency exchange makes a lot of sense. Despite the falling prices of Bitcoin and altcoins, demand for cryptocurrency remains relatively high. This new platform will be known as Bitbox and will not offer any fiat currency trading. Instead, Line focuses its attention on direct trades between various cryptocurrencies.
Bitbox is a registered entity in Singapore. Among its natively supported currencies are Bitcoin, Bitcoin Cash, and Ethereum. When the platform launches, thirty different assets will be supported out of the box. Localization will be available in 15 different languages. This latter step is taken to make cryptocurrency trading more appealing to users all over the world.
There is one caveat users need to take into account. The new platform operated by Line will not be available in the United States or Japan. This latter part is rather surprising, given Line’s position on the Japanese market. A process is underway to obtain a license for a separate exchange in Japan. No further details regarding that venture have been announced at this time.
Blockchain Technology is Critical
For Line, the main purpose of this exchange is highlighting the potential of blockchain technology. The company envisions a future where token-based transactions form a new economic model. Thanks to recent regulatory developments, cryptocurrency will continue to attract more positive attention. Line has also been expanding into financial services to tap new revenue streams in the coming years.
According to Line CEO Takeshi Idezawa, issuing a company-native token is another option to explore. The token rewards users for contributing to various services under the company’s umbrella. The development of such a token is already taking place, but further details remain unclear at this stage. Launching this new Singapore-based exchange will be the top priority for the foreseeable future.
A native mobile application for this trading platform will also be unveiled. It is completely separate from the messaging service offered by the technology giant. Even so, it appears the cryptocurrency business model may entwine with their messaging features at some point in the future. Line’s business decision is another validation of how cryptocurrency is growing and maturing.
Do you think Line moving into the cryptocurrency space shows that things are turning around for crypto? Let us know in the comments below.
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