Line Corp enters Asian crypto exchange market with BITBOX
The Japanese giant's crypto exchange, which will focus heavily on security, will not initially be part of its LINE messaging platform
Japanese telecommunications giant Line Corp has placed itself at the centre of the boisterous Asian crypto exchange business with BITBOX.
Based in Singapore, the crypto-currency exchange says it will deliver “user-centered experience with intuitive design, and enhanced customer support” in 15 languages, with the aim of attracting more mainstream crypto-currency buyers into the market.
BITBOX currently allows for trading in approximately 30 coins including Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Ripple, in a cryptocurrency-to-cryptocurrency exchange offering that currently has no facility for the trading of traditional, or ‘fiat’ currencies.
“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,” said LINE CEO Takeshi Idezawa.
Famous for its popular messaging app’s over-the-top emojis and colourful stickers, LINE is now incorporating AI and FinTech services into its offering and is also focusing heavily on security.
The exchange platform is based on a partnership with US blockchain security company BitGo and features the BitGo wallet that includes multi-signature login, three-key management, and cold storage custody. The measures are aimed at allaying fears of investors that crypto-currency exchanges are vulnerable to hacking.
“LINE and BitGo are both leaders in our industry and this partnership with BITBOX is an important step in bringing institutional investors the security, compliance, and custodial solutions they need,” said BitGo CEO Mike Belshe.
Allison Choi, a Global Communications representative at LINE, told the Asia Times that there are no current plans to insert BITBOX into the core LINE messaging platform. “While we are working on a wide range of plans for BITBOX, we do not have anything more to announce at this time,” Choi said.
The entrance of LINE into the market demonstrates both the increasingly mainstream acceptance of cryptocurrency, but also hints at the determination of non-traditional operators to leverage their platforms and user base to advance FinTech and digital currency usage.
The first two million customers who register will receive the equivalent of US$10 to trade, and users can trade with no fees during the first month of operation.