LINE Corp. launching BitBox exchange in July with 30+ select coins
Line has an estimated 200 million users globally, so its new cryptocurrency exchange might start with an edge.
You've either heard of LINE Corp. or you haven't, and it mostly depends on geography. Over the years the messaging app has turned into a jack of all trades, and in its key markets of Japan, Indonesia, Thailand and Korea, and Turkenistan apparently, it's a household name. The app is estimated to have about 200 million active users globally.
Line's plans to launch a cryptocurrency exchange have been public since at least the start of February, but it has now made an official announcement revealing some of the finer workings of its plans.
BitBox, July launch, 30+ handpicked coins, everywhere except Japan and USA
The new exchange will be called BitBox, and it's set to launch in July to be available globally except in Japan and the USA. The exceptions are most likely due to regulatory kinks which have yet to be worked out.
Not being available in Japan probably hurts. It's Line's biggest market and the app already has 75 million users there, while Japanese yen bitcoin purchases tend to make up a large portion of the world's fiat to bitcoin trades.
It will initially only offer crypto to crypto trading, once again probably to better ensure regulatory compliance around the world.
It plans to offer 30+ handpicked cryptocurrencies, that "were selected through a rigorous review by a listing committee composed of experts".
The press release only confirms that its listings will include bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).
But it's probably safe to assume that ICON (ICX) will also be making an appearance, based on Line's recent partnership with ICON and intention to develop dapps on the ICON platform.
Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VET, XLM, BTC, XRB
- Dash cryptocurrency may be falling flat despite heavy advertising
- Bitcoin plunges under $10,000 in worst drop in 30 days. What’s driving it?
- Miscalculations, misunderstandings, missing data: Crypto tax accountants share woes
- Power Ledger completes trial in Japan, finds people happy to be blockchain energy prosumers
- Google Cloud offers Cypherium blockchain. But what are you actually getting?