Messaging app LINE has launched a cryptocurrency exchange for its 81 million users based in Japan.
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Available through the Wallet tab on the LINE app—used by 81 million MAU in Japan alone—BITMAX is a simple and secure cryptocurrency exchange that makes getting started easy even for beginners at cryptocurrency trading.
Putting peace of mind and security at the forefront, the BITMAX exchange will allow users to trade five types of cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), and Litecoin (LTC).
BITMAX is a separate service from the BITBOX cryptocurrency exchange, the latter of which is already available worldwide (excluding Japan and the US).
LINE is making money more accessible to people around the world by developing and delivering a wide range of financial services unique to LINE.
As part of these efforts, the company’s Singapore-based subsidiary LINE Tech Plus PTE. LTD. has been operating the BITBOX cryptocurrency exchange since July 2018.
In the lead up to BITMAX’s launch, LVC became a registered cryptocurrency exchanger under Japan’s Payment Services Act.
“Under its corporate mission of “Closing the Distance,” LINE strives to create value for its users by making the LINE app into a gateway for a “Smart Portal” that seamlessly connects all types of people, information, content, and services—both offline and online—as close as they want, anywhere they are,” the company stated in an official press release.
“In the Fintech domain, LINE is aiming to provide a highly convenient user experience by connecting people and money at the most comfortable distance. To that end, the company is taking on new challenges in business areas such as payments, investment, securities, insurance, household budgeting, and loans.”
In recent years, Japan has been shifting more and more towards a cashless society. At the same time, technological advances have also generated a bevy of Fintech services, changing the very way people think about money.
Among these Fintech services, LINE sees the cryptocurrency industry as one with new user needs waiting to be met and the potential to deliver next-generation technological paradigms.
Additionally, proof of concepts for blockchain—the core technology of cryptocurrency—have been flourishing in many different areas, demonstrating the technology’s potential to change future ecosystems and economic systems.
LINE itself has also already unveiled its LINE Token Economy concept, which will use the company’s proprietary blockchain network LINK Chain in building an ecosystem that fosters a co-creative relationship between users and service providers.
Having anticipated Fintech’s changing user needs and technological background, LINE (through LINE Tech Plus) launched the BITBOX cryptocurrency exchange globally last year.
This time around, the company has completed registration as a cryptocurrency exchanger in Japan and launched the BITMAX exchange for the domestic market.
While numerous existing exchanges already have a large customer base, LINE sees cryptocurrency exchanges as still in their infancy, and believes the industry has potential for even greater growth.
Along with the various services offered on the LINE app (currently used by 81 million users in Japan and a total of 164 million users across LINE’s four key markets), the company has been one of the heaviest investors among Japan’s internet businesses into security measures.
This approach has extended to BITMAX, offering users a reliable and stable service that prioritizes security and safety above all else.