Japan's Messaging Giant, Line Announces New Crypto Trading Platform Bitmax
Japanese messaging company, Line announced it has launched a new cryptocurrency trading platform dubbed "Bitmax," according to a report on September 17.
The new crypto platform, Bitmax is launched by Line's blockchain subsidiary, LVC Corporation. The blockchain arm gained regulatory approval to run a digital assets exchange, sometime in September.
According to the report, Bitmax will initially support the trading of five different cryptocurrencies. These include Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Ripple (XRP), and Litecoin (LTC).
Line noted that Bitmax would accept deposits and withdrawals via its official mobile payment service known as "Line Pay," beginning from September 17, on the Android version only. Also, the users will be able to access the Bitmax trading service from Line Wallet, as per the report.
As reported, bitmax will use the U.S bit-go wallet for security reasons. The company will oversee the separation of user's assets and also provide cold wallet management to safe-keep virtual currencies.
Line's newly launched digital asset exchange, Bitmax will allow newcomers to conduct fewer transactions below 1,000 Japanese yen (valued at the U.S $9 at press time).
Bitmax and Crypto Exchange BitboxBitmax is said to be different from Line's Bitbox, given that the crypto exchange operates globally except in the U.S and Japan. Bitbox is, however, not accessible for Japanese crypto enthusiasts because of Japan's crypto exchange license requirements.
Based on the fact that cryptocurrency is an area that will surge in the future, Line is actively working to embrace the industry by launching Bitmax, including the crypto exchange.
Although other firms have taken the lead in the crypto trading service, Line believes there are still opportunities for expansion.
LINE points out that other companies have already taken the lead in virtual currency trading services, but there is still plenty of room for expansion.
"Some services already have a lot of users, but we are still in the early stage, and we think this is an area that has the potential to expand in the future."
About The Author
Ibiam WayasIbiam Wayas is an optimistic crypto news reporter who also enjoys tech writing. He is an introvert who spends much of his time on the internet studying facts that will help him excel in the digital/cryptocurrency space.
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