Japanese messaging giant LINE closed down BITBOX, Singapore based crypto exchange and rolled out the BITFRONT, global platform based in the US. The new platform enables both fiat-to-crypto and crypto-to-crypto gateways. BITFRONT aims to attract potential investors from the United States by offering them higher liquidity.
Major Shift of LINE from Singapore to the US
The spokesperson of the company clarified that the US-based platform is a step ahead in the vision of global exchange strategy of LINE. The latest move of the company is a significant leap towards the mass adoption of blockchain technology. The new platform BITFRONT presently supports the five digital coins, Bitcoin (BTC), bitcoin cash, Ether, Tether and LINK, the native token of LINE. It aims to provide liquidity and assures a tight bid-ask spread.
With the latest launch, LVC corporation claims to operate two exchanges- global platform BITFRONT and BITMEX in Japan. The company aims to bring higher accessibility and better adoption of digital tokens globally. Presently, the messaging giant has around 800 million daily users which are expanding at a high rate.
BITFRONT Aims To Target US Investors
Last week Singapore introduced new payments legislation to offer a chance to cryptocurrency firms to expand their operations in the country. While ignoring the potentials, Japanese messaging giant LINE shuts down its exchange in the country. On the contrary, the company shifted the exchange to the US where the Securities and Exchange Commission, which regulates the crypto exchanges in the US have zillions of regulations to follow.
The latest move of Asia based company seemed to target the potential crypto investors of the US, which are undoubtedly involved in large crypto transactions. The global platform in the country aims to expand the cryptocurrency market in the US by allowing the users to trade through BITFRONT, which was not available in states of the US.