Major Asian tech giant Line has launched a new cryptocurrency trading platform geared specifically to users in Japan.
According to Cointelegraph, the widely-used Japanese messaging app provider opened up Bitmax on September 17, 2019.
Line, which already operates the digital assets and money exchange Bitbox, explained in its announcement of Bitmax that the new service was designed especially to comply with tight regulations in Japan.
Bitbox has been operating from Singapore since July 2018 and is accessible around the world except in the United States and Japan, for which the platform does not hold a license to operate.
Developed by LVC Corporation, the blockchain arm of Line, Bitmax was developed to receive approval from Japanese regulators. The exchange was launched with five coins available for trade: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP) and Litecoin (LTC). It does not feature Line’s own cryptocurrency Link.
Now in compliance with Japan’s unique crypto trading rules, LVC and Line are looking to use Bitmax to attract new traders. Line maintains 81 million users in the country and is to offer them the ability to start trading for as little as under 1,000 Yen or around US$9. The exchange is directly linked to Line via its Line Pay service, which enables users to make deposits and withdrawals, and Line Wallet, which serves as a direct gateway to Bitmax.
Line is currently working with payment firm Visa to produce further blockchain powered payment services.
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