After few days of final regulatory approval received by the platform, Messaging LINE has officially launched a cryptocurrency exchange service for its 80 million users based in Japan.
The messaging provider, which is 73.36-percent owned by South Korea’s Naver, said in a statement on Tuesday that the new exchange, known as Bitmax, has come alive with trading of five crypto assets: bitcoin (BTC), ethereum (ETH), ripple (XRP), litecoin (LTC) and bitcoin cash (BCH).
The service was introduced in stages ranging from 3 p.m. Japan time on Tuesday and is available first on Android devices. It can also be accessed via the wallet tab on the LINE mobile app and is also integrated with LINE Pay to provide an easier Japanese yen fiat on-ramp process.
It now currently has 81 million monthly active users in Japan and 164 million globally, in an announcement made by LINE. It’s operations lies with LVC Corporation, a subsidiary, which was awarded a cryptocurrency exchange license on Sept. 6th by Japan’s Financial Services Agency.
Provided you have a LINE account, You can access Bitmax if you are resident in Japan. Though a charge of 108 yen will be applied to deposits and withdrawals but No trading fees charged for trading.
Security wise, LINE said it segregate’s customer assets and store assets in a cold wallet by utilizing a wallet developed by Palo Alto-based BitGo. The cold wallets are properly managed by a dedicated team.
Every new customer undergoes a strict KYC process. Applicants can register their account with the app using an ID card and photographic capture, including a registered bank account and an ID or by mail.
The company has been in operation since July 2018 in Singapore as Bitbox but the new service will run separately but the residents of Japan and the U.S will be excluded.
Credits: Richard Meyer.
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Written by Saira wo
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