LINE messaging app from Japan has announced plans to launch their own cryptocurrency exchange BITBOX in July with support for 30 coins including bitcoin.
The new exchange from LINE only allow for crypto-to-crypto trading with no exchange between fiat currency and cryptocurrencies.
In an excerpt, LINE said:
With the need to trade cryptocurrencies rising around the world, LINE has been preparing to provide opportunities for users to do so securely, and as the secure system is in place now, the company will be offering the service.
The exchange platform will be available in 15 languages with notable exclusions in Japanese and Thai. LINE is Japan’s biggest messaging service used by some 70 million active Japanese users. The app is also popular in other regional Asian nations including Thailand.
At launch, the exchange will support 30 coins including Bitcoin, Ethereum, Bitcoin Cash and Litecoin, all of which were selected following a ‘rigorous review by a listing committee composed of experts’, LINE said. The exchange will also assume a trading spread of 0.1% for transactions, with zero-commission trading offered to users for a month from launch.
LINE joins a growing list of major Japanese corporations including the Mitsubishi UFJ Financial Group(MUFG), Japan’s largest financial institution, financial services giant SBI and Yahoo! Japan to make moves toward launching or acquiring existing cryptocurrency exchanges to enter the sector.
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