Japan’s most popular messaging app Line will soon cater to cryptocurrency investors with an exchange launching next month. Line Corporation is prepping their cryptocurrency exchange service called Bitbox for international consumers and will open its doors in Singapore in July. While its website offers 15 different languages, its services will not be available in both the U.S. and Japan.

Bloomberg reported Bitbox allows the exchange of over 30 different digital currencies such as Bitcoin, Litecoin, Ethereum and so on. However, the service itself comes with a 0.1% trading fee.

Reports said that Line is expanding their financial services, which now include cryptocurrency trading, in order to recover from their $37 million loss last year. The company sees a lot of potential in blockchain technology as they hope to incorporate their very own virtual token as well.

The token system is already in development and can be utilized as payment to users who have contributed to their services. Line CEO Takeshi Idezawa expressed his thoughts on the matter saying:

“There isn’t a system in place right now that can monetarily reward users’ contributions to a service.”

Idezawa added:

“Linking service growth to compensation for contributors in a token economy could unlock a great deal of new value.”

The company also applied for a license to open their cryptocurrency exchange services in Japan back in January, but their application was ultimately stalled, according to Financial Times. Bitbox chose Singapore as its headquarters due to the country’s more lenient regulations.

Idezawa expressed:

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

Meanwhile, other popular messaging services are also delving into the blockchain business as well. According to BusinessTimes, popular South Korea messaging service Kakao is hoping to implement blockchain technology to expand their business.

Jason Han, CEO of Kakao’s blockchain subsidiary Ground X, revealed that they’re aiming to make blockchain a lot less complicated to those who aren’t well-versed with the technology.

Han explained:

“The biggest problem with blockchain right now is that there isn’t a single service that an average person would use, our services are going to be more practical.”

Popular Messaging App Line Opens Cyptocurrency Exchange Service Next Month was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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