Messaging Giant Line to Launch Crypto Exchange in July
Line, the company behind a popular chat app in Japan, announced Thursday that it will open a cryptocurrency exchange in July.
Line, the company behind a popular messaging app, announced Thursday that it will open a cryptocurrency exchange in July.
The new exchange, known as BitBox, was unveiled during a conference held this week in Japan. Notably, the exchange won't offer services to residents in Japan and the U.S. – a likely nod to the regulatory realities of working in those markets.
In an announcement release, Line said that the exchange would be purely crypto-to-crypto, meaning that it will not, at least for now, support government-issued currencies.
The company explained:
Line's exchange will support bitcoin, bitcoin cash, ether and litecoin among a list of "30 or more currencies" that the company said were chosen "through a rigorous review by a listing committee composed of experts."
The move comes months after Line launched a new company dedicated to crypto services, indicating at the time that it was eyeing an exchange launch.
Its decision to exclude Japan suggests that its effort to obtain a license from Japan's Financial Services Agency (FSA) is still ongoing, given that it disclosed its application back in January.
"The application process for registration as a virtual currency exchanger has already been started with the Financial Services Agency [FSA], and it is currently under review," Line said in a statement at the time.
Image via Shutterstock
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