Messaging app LINE to launch Singapore-based crypto exchange
Japan’s biggest messaging app is to launch its own crypto exchange based in Singapore from July. The exchange will be tagged Bitbox and offer 30-plus cryptos to trade with a 0.1% fee attached. LINE already has 200m users.
“With the need to trade cryptocurrencies rising around the world, LINE has been preparing to provide opportunities for users to do so securely,” the company said in a statement, “and as the secure system is in place now, the company will be offering the service.”
Singapore-bound with payment potential
It’s thought Japan-based (though South Korean owned) LINE chose Singapore as its exchange destination due to the congenial governance environment.
Line’s exchange though will exclude Japanese and US residents – for now – due to regulatory hurdles. The large volume of Line’s existing user base has the potential for crypto payments to be made for a wide range of Line’s expanding range of service offerings.
Facebook is also thought to be exploring crypto exchange options; messaging app Telegram has already launched its own crypto currency. Bitbox will be offered in up to 15 languages.