Japanese mobile giant LINE has finally released operations of its Singapore-based cryptocurrency BITBOX with the support of 30 cryptocurrencies along with Bitcoin.
LINE said in a statement today that the exchange will only support crypto-trading pairs. It doesn’t allow trading between fiat currency and cryptocurrencies. Currently, 30 coins are available for trade along with Bitcoin, Ethereum, Ripple, Bitcoin cash, and Litecoin. All of these coins have gone through “a very rigorous evaluation process” made by the exchange’s screening committee. This process will be applicable to all the crypto tokens which want to get listed on the exchange.
Line CEO, Takeshi Idezawa on entering the crypto world said, “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.”
The crypto-to-crypto exchange will be soon available for users worldwide, with exceptions of Japan and United States, due to strict regulations. The exchange will be available in 15 languages.
LINE consists of more than 600 million registered users, out of which 200 million are monthly active users globally. The expulsion of Japan is sure to have a great impact on the BITBOX’s overall growth of the country. The main reason is Japan is the LINE’s biggest market in terms of revenue, user and market influence.
Before few months, LINE has especially filled a crypto exchange application with the Financial Services Agency (FSA), which is Japan’s financial regulator, it handles all the domestic operations. The application is presently under review.
Bitbox is making a collaboration with wallet provider BitGo, in order to provide multi-signature wallet to store user’s crypto assets. BitGo has created and released a three-key bitcoin wallet in which the first key is stored in the company’s servers to improve security against a single point of failure.
LINE stated, “The BitGo wallet is the only institutional-grade, multi-signature, multi-coin hot wallet”. BitGo’s advanced security configurations guarantee that assets are safe when they move in or out of the wallet.
BITBOX is providing zero trading fees for all the listed coins in the initial month of operations post-launch. Also, the firm will welcome the first 2 million registered users with ‘a reward equivalent to $10 in August’ which users will be able to trade on the exchange.