Line’s Cryptocurrency Exchange Bitbox Begins Operations

Line Corporation, a Japanese Internet firm and the operator of the country’s most popular messaging app, have today launched their new cryptocurrency exchange platform, Bitbox.

The crypto-to-crypto exchange platform, operated by Singapore-based subsidiary Line Tech Plus, allows for the trading of 28 cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, for users around the globe (excluding Japan, the US, and certain restricted territories), and supports 15 languages, including Korean, China and English.

Line's BitBox cryptocurrency exchange platform
Line’s Bitbox cryptocurrency exchange platform

Line said the cryptocurrencies that made the cut went through an extensive screening process, selected by an internal committee to offer the most reliable and safest trading for users. It said the new exchange platform focuses on providing a user-friendly yet secure cryptocurrency trading experience.

“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 Takeshi Idezawa, CEO of Line Corporation. “With Bitbox, we intend to have an exchange that is easier to use, while also ensuring we provide extremely strong levels of security.”

Line said special security and risk management procedures were designed to protect users’ interests and to ensure the safe management of their assets. Bitbox also integrated the multi-signature technology offered by BitGo, the market leader in institutional-grade cryptocurrency security, for extra security. 

Bitbox was announced at the Line Conference 2018 in Tokyo back in June. The platform is operated by Line Tech Plus, a Singapore-based company under both LVC Corporation and Line Corporation. The launch of Bitbox is part of a wide range of finance-related initiatives from Line as it seeks to become a leader in the fintech business.

“As a key part of Line’s new financial services, Bitbox shows our commitment to fulfilling the growing demand for more diverse financial options,” Idezawa said in June. “With Bitbox, Line users will be able to access cryptocurrencies more easily, while also being assured of state-of-art security measures to protect their assets.”

Line established a new company, Line Financial Corporation, in January as a follow-up to Line Pay, a mobile money transfer and payment service that has been available on the Line messaging app since 2014. The company claims 40 million registered users and a global annual transaction volume exceeding JPY 450 billion (US$4.14 billion).

Alongside the cryptocurrency trading business, Line has said it was interested in getting into the lending business as well as insurance.

Leave a Comment

Your email address will not be published. Required fields are marked *