Line Corp. Set to Launch Cryptocurrency Exchange Platform in Singapore

2018-6-29 19:58

Line Corp has announced plans to establish a cryptocurrency exchange platform in Singapore. Line is the largest messaging service in Japan and has been involved in a few forays into the cryptocurrency industry. The proposed crypto exchange was part of the announcements made during the company’s recent annual strategy briefing. The company also has pending virtual currency exchange service applications in Japan and the United States.

Details of the Proposed Cryptocurrency Exchange Platform

The exchange platform called Bitbox is scheduled for launch in July. According to local media sources in Japan, users will be able to trade more than 30 different cryptocurrencies on Bitbox. The major cryptos like Bitcoin, Ethereum, and Litecoin will also be part of the trading catalog. The proposed trading fee is set at 0.1 percent. Speaking during the strategy briefing, the CEO of Line, Takeshi Idezawa said:

“With cryptocurrency, we are going to take our challenge in financial services global.”

Bitbox will not offer crypto/fiat trading pairs, only crypto/crypto trading pairs. The platform’s website will be available in 15 languages and will enable traders from around the world to use its services. The only exception will be users from the United States and Japan.

Line Corp’s Involvement in Cryptocurrency

Bitbox isn’t Line’s only foray into the cryptocurrency industry. According to Idezawa, the company plans to place cryptocurrency at the core of its business process – tying commerce, entertainment, as well as media services.

The move is also part of the company’s plans to reduce its over-reliance on advertisement-based revenue streams. Line also wishes to use cryptocurrency and blockchain technology as a useful tool in breaking the monopoly of messaging giants like WhatsApp. Explaining the company’s vision, Idezawa also said:

There isn’t a system in place right now that can monetarily reward users’ contributions to a service. Linking service growth to compensation for contributors in a token economy could unlock a great deal of new value.

To this end, the company plans to create a utility token as well as a standalone mobile app for the exchange platform. Considering the ever-present threat of hacking, Line is reportedly leaving no stone unturned in the area of security for Bitbox. Reports indicate that the company plans to partner with BitGo Inc., a blockchain security firm.

Line is no stranger to the negative effect of cryptocurrency exchange platform hackings. At the start of the year, the company applied to Japan’s Financial Security Agency (FSA) for a crypto exchange platform license. However, its application has been on hold since the aftermath of the half a billion-dollar Coincheck hack in January 2018.

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