Japan’s Line Corporation is the largest messaging platform in Japan, perhaps one of the most crypto-friendly nations in the world. Despite this, the country has recently brought much stricter crypto regulations, forcing many foreign firms to take their business elsewhere. Now it would seem that local services are following in their footsteps.
Line has recently decided to open their own cryptocurrency exchange, which has created a good deal of excitement among this service’s users. What they did not expect is that Line will take its business to Singapore, as per the announcement that came on June 28 by the company’s CEO, Takeshi Idezawa.
Bitbox – Line’s new crypto exchange
The company will call its new exchange Bitbox and will launch it in Singapore. According to reports from within the company, the launch is scheduled to happen sometime in July of this year. The reports also state that more than 30 cryptocurrencies will be offered, including Bitcoin, Ethereum, Litecoin, and other altcoins.
Once the exchange is launched, it will allow traders to exchange cryptos for other cryptos, with crypto/fiat trading pairs not being included. The fee for trades will be 0.1%.
The platform will be serving traders from around the world, with the only exceptions being the US and Japan. According to plans, it will feature up to 15 languages.
Additionally, the company said that it plans to adopt some more robust implementations of blockchain and crypto technology and the company’s CEO even stated that this tech will be at the heart of the entire corporation’s business strategy, uniting their three core business segments: entertainment, commerce, and services.
Idezawa mentioned that Line is trying to find alternative ways to make revenue so that the advertisements can be reduced, or even completely eliminated. Eventually, Line hopes to enter the areas that are currently dominated by WhatsApp and other large rivals.