LINE is a is an instant communications service where users can Exchange texts, images, video and audio, and conduct VoIP conversations and video conferences.
The messaging app by Japan's internet company LINE Corporation is one of the most popular in the country, and it has launched its own Cryptocurrency exchange platform. Called Bitbox, the exchange is operated by the company's Singapore-based subsidiary LINE Tech Plus.
Initially, BITBOX that supports 15 languages, including Korean, China and English, hosts cryptocurrency trade for 28 cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, for users around the globe (excluding Japan, the U.S., and certain restricted territories).
Here, BITBOX opted for Tether (USDT) which makes it mirrors other major platforms that operate primarily without the support of a financial institution.
To populate BITBOX, LINE said that all the chosen cryptocurrencies have went through an extensive screening process, selected by an internal committee to offer the most reliable and safest trading for users.
The company said that BITBOX focuses on both security and user-friendly experience. This is highlighted when it said special security and risk management procedures were designed to protect users’ interests and to ensure the safe management of their assets. For added security, the cryptocurrency exchange also integrated the multi-signature technology offered by BitGo.
According to Takeshi Idezawa, CEO of Line Corporation:
With cryptocurrency setting up a strong trend, especially since Bitcoin's meteoric rise in 2017, LINE is also showing its interest in becoming part of the play.
Whether or not BITBOX can succeed in leveraging LINE's 200 million monthly active users, LINE is already having an advantage as it's already a one-stop solution for many. The messaging app has offered multiple platforms s way to communicate and syncing, as well as free voice and video calls.
It has provided bulletin boards on which users can post, like, and comment. The app also has timeline and homepage features that allow users to post pictures, text and stickers on their homepages.
Then there are stickers, games, payment system, ride-hailing feature as well as goods delivery and its own physical store.
After first announcing the attempt to create its own cryptocurrency exchange back in January 2018, LINE wants BITBOX to serve as the flagship platform of the company’s LINE Financial Corporation division and LVC Corp., its subsidiary focusing on cryptocurrency and blockchain.
BITBOX here adds to the platform's existing arsenals of features. And alongside the cryptocurrency trading business, LINE has also shown interest in getting into the lending business as well as insurance.