With an estimated active user base of 200 million a month, Japanese messaging titan Line has launched a new exchange for cryptocurrency: BITBOX. The exchange would be accessible everywhere except Japan and North America due to regulatory concerns.
In January, the Tokyo-based chat app had announced its plan to venture into cryptocurrency exchange in the coming months.
The platform would initially host around 30 coins including Bitcoin, Ethereum, and Litecoin. The technology of the exchange would be safeguarded by security firm BitGo.
The exchange will be sans fiat money and cover token-to-token trading, as per a report by TechCrunch. The exchange is supposed to be offered in 15 languages worldwide.
Line, in its earlier announcement, had already stated that it would charge a trading fee of 0.1% from its users. BITBOX would serve as a flagship platform for the company’s new division, the Line Financial Corporation.
”With BITBOX, we intend to have an exchange that is easy to use, while also ensuring we provide an extremely strong level of security,” said CEO Takeshi Idezawa.
Line has previously ventured into services ranging from taxi on-demand, music streaming, and mobile payment.
Before BITBOX, Line launched Line Pay, a mobile payments facility to its users. It has grown to over 40 million registered users and has hit around US$4.1 billion in transaction volume since its inception in 2014.